MeritValue

INNOVATIVE FOOD HOLDINGS INC

IVFHdata completeness 100%16 fiscal years on file
The thesis, from the filings

INNOVATIVE FOOD HOLDINGS INC earns about 16% on invested capital, but has diluted owners by 38% 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$62.2M1$78.9M2$70.4M3$59.4M4$60.7M4
Net income−$716,3315−$1.35M6−$4.36M7$2.61M8−$2.07M8
Operating cash flow−$3.66M9−$599,08610−$435,56211−$6.27M12−$27,35712
Capital expenditure$24,51113$114,96614$122,40314$316,56715$242,32215
Free cash flow (derived)−$3.69M9−$714,05210−$557,96511−$6.59M12−$269,67912
Total debt$11.7M16$19.1M17$18M18$729,96819$565,94619
Cash & equivalents$6.12M20$4.78M21$5.24M22$1.28M23$927,46823
Diluted shares39.4M47.1M49.1M51.3M54.6M

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
$1.14
your share of equity
Profit it earned you last year
−$0.38
Free cash flow it threw off
−$0.05
Debt you’d be carrying
$0.1

10 shares is a claim on $1.14 of net worth that earned you −$0.38 and generated −$0.05 of cash last year, against $0.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 -2%FY22 -2%FY23 -14%FY24 54%FY25 43%

It earned an average 16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+38% shares · 5y

Share count is up 38% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 95% — deleveraging.

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
$0.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001185185-25-000204 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001185185-25-000204 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001185185-25-000204 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001185185-25-000204 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001185185-23-000284 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001185185-24-000295 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001185185-25-000204 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001185185-26-001180 (CashAndCashEquivalentsAtCarryingValue)