MeritValue

JONES SODA CO.

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

JONES SODA CO. earns about -367% on invested capital, but has diluted owners by 78% 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$14.8M1$19.1M2$16.7M3$17.8M4$25.3M4
Net income−$1.81M5−$6.4M6−$4.85M7−$9.9M8−$1.78M8
Operating cash flow−$3.43M9−$5.96M10−$3.82M11−$6.19M12−$1.26M12
Capital expenditure$35,00013$29,00014$73,00015$27,00016$454,00016
Free cash flow (derived)−$3.47M9−$5.99M10−$3.89M11−$6.22M12−$1.72M12
Total debt————$200,00017
Cash & equivalents$4.67M18$7.97M19$3.87M20$1.28M21$3.6M21
Diluted shares65.5M94.2M100.9M107.5M116.8M

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
$0.13
your share of equity
Profit it earned you last year
−$0.15
Free cash flow it threw off
−$0.15
Debt you’d be carrying
$0.02

10 shares is a claim on $0.13 of net worth that earned you −$0.15 and generated −$0.15 of cash last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-367% avg · 5y
FY21 —FY22 -125%FY23 -103%FY24 -872%FY25 —

It earned an average -367% 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
+78% shares · 5y

Share count is up 78% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001437749-23-008382 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010422 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001951 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-025082 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008382 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010422 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001951 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-025082 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008382 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010422 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001951 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-025082 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008382 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010422 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001951 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-025082 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2025-12-31 · accession 0001493152-26-025082 (DebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-23-008382 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001437749-24-010422 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-001951 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-025082 (CashAndCashEquivalentsAtCarryingValue)