MeritValue

KORE Group Holdings, Inc.

KOREdata completeness 100%7 fiscal years on file
The thesis, from the filings

KORE Group Holdings, Inc. earns about -173% on equity, and has bought back 53% 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$248.4M1$268.4M2$276.6M3$286.1M4$285.9M4
Net income−$24.8M5−$106.2M6−$167M7−$146.1M8−$63M8
Operating cash flow−$14.8M9$16.4M10−$6.42M11$9.12M12$18.5M12
Capital expenditure$4.17M13$3.31M14$4.43M15$2.02M16$2.66M16
Free cash flow (derived)−$18.9M9$13M10−$10.9M11$7.1M12$15.8M12
Total debt$828.4M17$844.7M18$603.5M19$600.7M20$598.4M20
Cash & equivalents$86M21$34.6M22$27.1M23$19.4M24$26.7M24
Diluted shares41.9M75.7M16.8M19.2M19.7M

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
−$83.07
your share of equity
Profit it earned you last year
−$31.94
Free cash flow it threw off
$8.03
Debt you’d be carrying
$303.5

10 shares is a claim on −$83.07 of net worth that earned you −$31.94 and generated $8.03 of cash last year, against $303.5 of debt.

iii. Is this a good business?
Moat signal · return on equity
-173% avg · 5y
FY21 -9%FY22 -59%FY23 -452%FY24 —FY25 —

It earned an average -173% 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
−53% shares · 5y

Share count is down 53% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 28% — 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$7.1M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$7.1M
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 0001628280-23-011103 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-011103 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-011103 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-011103 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-011103 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-011103 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001855457-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001855457-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001855457-26-000014 (CashAndCashEquivalentsAtCarryingValue)