MeritValue

Inuvo, Inc.

INUVdata completeness 88%16 fiscal years on file
The thesis, from the filings

Inuvo, Inc. earns about -48% on equity, and has bought back 88% of its shares over 5 years. 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$59.8M1$75.6M2$73.9M3$83.8M4$86.2M4
Net income−$7.6M5−$13.1M6−$10.4M7−$5.76M8−$5.1M8
Operating cash flow−$5.28M9−$5.57M10−$2.55M11$229,55412−$1.79M12
Capital expenditure$1.6M13$1.69M14$1.68M15$1.86M16$1.6M16
Free cash flow (derived)−$6.87M9−$7.26M10−$4.24M11−$1.63M12−$3.39M12
Total debt—————
Cash & equivalents$10.5M17$2.93M17$4.44M18$2.46M18$2.84M18
Diluted shares117.6M119.8M131.1M14.0M14.5M

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
$6.92
your share of equity
Profit it earned you last year
−$3.52
Free cash flow it threw off
−$2.34
Debt you’d be carrying
—

10 shares is a claim on $6.92 of net worth that earned you −$3.52 and generated −$2.34 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-48% avg · 5y
FY21 -23%FY22 -60%FY23 -61%FY24 -43%FY25 -51%

It earned an average -48% 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
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000829323-23-000010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-002423 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-002032 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-001943 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000829323-23-000010 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-002423 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-002032 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-001943 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000829323-23-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-002423 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-002032 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-001943 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000829323-23-000010 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-002423 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001654954-25-002032 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-12-31 · accession 0001654954-26-001943 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0000829323-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001654954-26-001943 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)