MeritValue

Global Asset Management Group, Inc.

GAMGdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Global Asset Management Group, Inc. earns about -301% on equity, but has diluted owners by 327% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$12,0003$5,0004$95,3094
Net income−$4,1805−$13,3586−$166,1517−$336,9098−$153,7298
Operating cash flow−$1809−$12,60810−$104,30711−$341,36412−$39,79312
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$81013$70214$19,69914$83415$49,07715
Diluted shares49.5M50.0M63.7M83.7M211.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
-301% avg · 5y
FY21 -1%FY22 -3%FY23 —FY24 —FY25 -898%

It earned an average -301% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+327% shares · 5y

Share count is up 327% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001477932-23-002609 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003865 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002666 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-002281 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-002609 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003865 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002666 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-002281 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-002609 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003865 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002666 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-002281 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-22-002915 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003865 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001477932-26-002281 (CashAndCashEquivalentsAtCarryingValue)