MeritValue

GENERATION INCOME PROPERTIES, INC.

GIPRdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GENERATION INCOME PROPERTIES, INC. earns about -85% on equity, but has diluted owners by 384% 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$3.9M1$5.43M2$7.63M3$9.76M4$9.74M4
Net income−$1.23M5−$3.24M6−$5.72M7−$8.35M8−$10.3M8
Operating cash flow−$173,7629$583,88410$12,34511$1.02M12$929,47412
Capital expenditure$8.29M13$12.9M14$32M15$5.77M16$016
Free cash flow (derived)−$8.46M9−$12.3M10−$31.9M11−$4.75M12$929,47412
Total debt—————
Cash & equivalents$10.6M17$3.72M18$3.12M19$612,93920$6.16M20
Diluted shares1.1M2.3M2.5M5.2M5.2M

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
−$8.13
your share of equity
Profit it earned you last year
−$20.02
Free cash flow it threw off
$1.8
Debt you’d be carrying
—

10 shares is a claim on −$8.13 of net worth that earned you −$20.02 and generated $1.8 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-85% avg · 5y
FY21 -9%FY22 -30%FY23 -156%FY24 -144%FY25 —

It earned an average -85% 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
+384% shares · 5y

Share count is up 384% 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 0000950170-23-010283 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-042640 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046959 (Revenues)
  4. 10-K/A · period ending 2024-12-31 · accession 0001193125-26-140770 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010283 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-042640 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046959 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001193125-26-140770 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010283 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-042640 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046959 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001193125-26-140770 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010283 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-042640 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046959 (PaymentsToAcquireProductiveAssets)
  16. 10-K/A · period ending 2024-12-31 · accession 0001193125-26-140770 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-010283 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-042640 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-046959 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2024-12-31 · accession 0001193125-26-140770 (CashAndCashEquivalentsAtCarryingValue)