MeritValue

KIDOZ INC.

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

KIDOZ INC. earns about -6% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $0.36 and $0.62 a share.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$12.5M1$15.1M2$13.3M3$14M3$18.4M3
Net income−$190,3214−$1.35M5−$2.01M6$353,1406$456,8176
Operating cash flow$851,5337$433,7458−$823,6409$1.31M9$1.71M9
Capital expenditure$8,15210$22,80611$8,71412$9,84012$24,94312
Free cash flow (derived)$843,3817$410,9398−$832,3549$1.3M9$1.68M9
Total debt$47,24813$44,29614———
Cash & equivalents$2.08M15$2.36M16$1.47M17$2.79M18$4.46M18
Diluted shares131.3M131.5M131.3M131.3M131.3M

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
$0.66
your share of equity
Profit it earned you last year
$0.03
Free cash flow it threw off
$0.13
Debt you’d be carrying
—

10 shares is a claim on $0.66 of net worth that earned you $0.03 and generated $0.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 0%FY22 -19%FY23 -28%FY24 7%FY25 10%

It earned about -6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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

The 2 estimate methods that apply put fair value between $0.36 and $0.62 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.62
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$1.3M
DCF · Growth Exit 5Y
$0.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$1.3M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.36
The three cases
Bear0.0%$0.17
Base20.0%$0.36
Bull20.0%$0.36

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001493152-24-015991 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-006049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-019626 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-015991 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-006049 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-019626 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-015991 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-006049 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-019626 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-015991 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-006049 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-019626 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-23-012960 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-015991 (LongTermDebtCurrent)
  15. 20-F · period ending 2021-12-31 · accession 0001493152-23-012960 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2022-12-31 · accession 0001493152-24-015991 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-12-31 · accession 0001641172-25-006049 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-12-31 · accession 0001493152-26-019626 (CashAndCashEquivalentsAtCarryingValue)