MeritValue

1847 Holdings LLC

LBRAdata completeness 88%13 fiscal years on file
The thesis, from the filings

1847 Holdings LLC earns about -391% on equity, but has diluted owners by 34543% 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$30.7M1$48.9M2$14.2M3$15.7M4$48.3M4
Net income−$3.59M5−$10.2M6−$30M7−$100M8$65.8M8
Operating cash flow−$1.07M9−$4.13M10−$7.54M11−$12.6M12$3.36M12
Capital expenditure$177,47513$256,67714$27,84315$1,21816$240,51716
Free cash flow (derived)−$1.25M9−$4.39M10−$7.57M11−$12.6M12$3.12M12
Total debt—$850,00017$6.88M18$8.01M19—
Cash & equivalents$1.38M20$1.08M21$673,44522$2.5M23$1.99M23
Diluted shares2.8M24,001139,3982.7M967.9M

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
−$0.28
your share of equity
Profit it earned you last year
$0.68
Free cash flow it threw off
$0.03
Debt you’d be carrying
—

10 shares is a claim on −$0.28 of net worth that earned you $0.68 and generated $0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-391% avg · 5y
FY21 —FY22 -391%FY23 —FY24 —FY25 —

It earned an average -391% 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
+34543% shares · 5y

Share count is up 34543% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 843% over the same window.

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 0001213900-22-016805 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-036197 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0001213900-25-073709 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-036917 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-22-016805 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-036197 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001213900-25-073709 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-036917 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-028686 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-036197 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001213900-25-073709 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-036917 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-028686 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-036197 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001213900-25-073709 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-036917 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-23-028686 (ShortTermBorrowings)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-24-036197 (LongTermDebt)
  19. 10-K/A · period ending 2024-12-31 · accession 0001213900-25-073709 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-028686 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-036197 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2023-12-31 · accession 0001213900-25-073709 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-036917 (CashAndCashEquivalentsAtCarryingValue)