MeritValue

Lucky Strike Entertainment Corp

LUCKdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Lucky Strike Entertainment Corp earns about -3% on invested capital, and has bought back 12% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$911.7M1$1.06B2$1.15B3$1.2B3$1.25B3
Net income−$29.9M4$82M5−$83.6M6−$10M6−$35.8M6
Operating cash flow$177.7M7$217.8M8$154.8M9$177.2M9$103.9M9
Capital expenditure$162.4M10$149.3M11$194.3M12$141.1M12$113.7M12
Free cash flow (derived)$15.3M7$68.5M8−$39.5M9$36.2M9−$9.78M9
Total debt$1.74B13$2.29B14$2.27B15$2.61B16$3.55B16
Cash & equivalents$132.2M17$195.6M18$67M18$59.7M18$39.4M18
Diluted shares155.8M175.8M151.3M142.4M136.6M

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
−$29.15
your share of equity
Profit it earned you last year
−$2.62
Free cash flow it threw off
−$0.72
Debt you’d be carrying
$260.05

10 shares is a claim on −$29.15 of net worth that earned you −$2.62 and generated −$0.72 of cash last year, against $260.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY22 -6%FY23 -4%FY24 -4%FY25 1%FY26 -1%

It earned an average -3% 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
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 105% 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 v0.5.0
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 2022-07-03 · accession 0001628280-24-039546 (Revenues)
  2. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0001628280-26-059179 (Revenues)
  4. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (NetIncomeLoss)
  5. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001628280-26-059179 (NetIncomeLoss)
  7. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001628280-26-059179 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001628280-26-059179 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-07-03 · accession 0001628280-23-031928 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-07-02 · accession 0001628280-24-039546 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-06-30 · accession 0001840572-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-29 · accession 0001628280-26-059179 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-07-03 · accession 0001840572-25-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-07-02 · accession 0001628280-26-059179 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)