MeritValue

IZEA Worldwide, Inc.

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

IZEA Worldwide, Inc. earns about -12% on equity, and has bought back 71% 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$30M1$41.1M2$36.2M3$35.9M4$31.2M4
Net income−$3.14M5−$4.47M6−$7.35M7−$18.9M8$42,3268
Operating cash flow−$2.57M9−$3.06M10−$4.83M11−$11.5M12$2.43M12
Capital expenditure$63,04613$79,00614$131,72215$74,98516$56,68316
Free cash flow (derived)−$2.63M9−$3.14M10−$4.96M11−$11.5M12$2.37M12
Total debt$75,45617$147,88918$182,19119$122,80620$18,21220
Cash & equivalents$75.4M21$24.6M22$37.4M23$44.6M24$50.9M24
Diluted shares62.0M15.5M16.4M17.1M18.3M

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
$26.73
your share of equity
Profit it earned you last year
$0.02
Free cash flow it threw off
$1.3
Debt you’d be carrying
$0.01

10 shares is a claim on $26.73 of net worth that earned you $0.02 and generated $1.3 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
-12% avg · 5y
FY21 -4%FY22 -6%FY23 -11%FY24 -39%FY25 0%

It earned an average -12% 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
−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 76% — 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
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 0001495231-23-000040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001495231-23-000040 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001495231-23-000040 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001495231-23-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001495231-22-000068 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (LongTermDebtCurrent)
  19. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (LongTermDebtCurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001495231-23-000040 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001495231-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K/A · period ending 2023-12-31 · accession 0001495231-25-000076 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001495231-26-000010 (CashAndCashEquivalentsAtCarryingValue)