MeritValue

GOLD ROCK HOLDINGS, INC.

GRHIdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

GOLD ROCK HOLDINGS, INC. earns about -137% on equity, but has diluted owners by 173% 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———$138,5001$211,5001
Net income−$92,0442−$434,1823−$232,3114−$240,6945−$180,5645
Operating cash flow−$45,9596−$40,2927−$22,5868−$216,1949−$57,4939
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1,70010$1,28411$10812$209,61413$152,12113
Diluted shares87.4M87.5M97.3M237.3M238.2M

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
−$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
-137% avg · 5y
FY21 —FY22 —FY23 —FY24 -137%FY25 —

It earned an average -137% 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
+173% shares · 5y

Share count is up 173% 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 2024-12-31 · accession 0001091818-26-000026 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001091818-23-000033 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001091818-24-000027 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001091818-25-000017 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001091818-26-000026 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001091818-23-000033 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001091818-24-000027 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001091818-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001091818-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001091818-23-000033 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001091818-24-000027 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001091818-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001091818-26-000026 (CashAndCashEquivalentsAtCarryingValue)