MeritValue

loanDepot, Inc.

LDIdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

loanDepot, Inc. earns about -1% on invested capital, but has diluted owners by 43% 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—————
Net income$113.5M1−$273M2−$110.1M3−$98.3M3−$62.6M3
Operating cash flow−$1.47B4$4.46B5−$174.2M6−$858.3M6−$707.5M6
Capital expenditure$54.1M7$43.2M8$20.6M9$26.4M9$27.1M9
Free cash flow (derived)−$1.52B4$4.42B5−$194.8M6−$884.7M6−$734.6M6
Total debt$1.63B10$2.29B11$2.27B12$2.03B13$2.1B13
Cash & equivalents$419.6M14$864M15$660.7M16$421.6M16$337.2M16
Diluted shares130.0M156.0M174.9M185.6M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 29%FY22 -18%FY23 -5%FY24 -9%FY25 -4%

It earned an average -1% 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
+43% shares · 5y

Share count is up 43% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 29% 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 0001831631-24-000063 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001831631-25-000023 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001831631-26-000028 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001831631-24-000063 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001831631-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001831631-26-000028 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001831631-24-000063 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001831631-25-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001831631-26-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001831631-23-000089 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001831631-24-000063 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001831631-25-000023 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001831631-26-000028 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001831631-23-000089 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001831631-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001831631-26-000028 (CashAndCashEquivalentsAtCarryingValue)