MeritValue

Katapult Holdings, Inc.

KPLTdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Katapult Holdings, Inc. earns about 62% on equity, and has bought back 94% 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$303.1M1$209.5M2$221.6M3$247.2M4$291.8M4
Net income$21.2M5−$40.5M6−$36.7M7−$25.9M8$1.37M8
Operating cash flow$2.17M9−$20.8M10−$17.4M11−$32.6M12−$11.9M12
Capital expenditure$384,00013$168,00014$20,00015$54,00016$34,00016
Free cash flow (derived)$1.78M9−$21M10−$17.4M11−$32.6M12−$12M12
Total debt—————
Cash & equivalents$92.5M17$65.4M18$21.4M19$3.47M20$22.4M20
Diluted shares80.6M3.9M4.1M4.3M5.0M

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
−$75.76
your share of equity
Profit it earned you last year
$2.72
Free cash flow it threw off
−$23.81
Debt you’d be carrying
—

10 shares is a claim on −$75.76 of net worth that earned you $2.72 and generated −$23.81 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
62% avg · 5y
FY21 62%FY22 —FY23 —FY24 —FY25 —

It earned an average 62% 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
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001628280-23-007144 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-017691 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-015331 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-016661 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-007144 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-017691 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-015331 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-016661 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-007144 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-017691 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015331 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-016661 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-007144 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-017691 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-015331 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-016661 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-007144 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-017691 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-015331 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-016661 (CashAndCashEquivalentsAtCarryingValue)