MeritValue

Lucky Strike Entertainment Corp

LUCKdata completeness 100%5 fiscal years on file
The thesis, from the filings

Lucky Strike Entertainment Corp earns about -11% on invested capital, and has bought back 3% 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$395.2M1$911.7M2$1.06B3$1.15B3$1.2B3
Net income−$126.5M4−$29.9M5$82M6−$83.6M6−$10M6
Operating cash flow$58.2M7$177.7M8$217.8M9$154.8M9$177.2M9
Capital expenditure$43.1M10$162.4M11$149.3M12$194.3M12$141.1M12
Free cash flow (derived)$15.1M7$15.3M8$68.5M9−$39.5M9$36.2M9
Total debt$875.6M13$1.74B14$2.29B15$2.27B16$2.61B16
Cash & equivalents$187.1M17$132.2M18$195.6M18$67M18$59.7M18
Diluted shares146.8M155.8M175.8M151.3M142.4M

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
−$20.97
your share of equity
Profit it earned you last year
−$0.7
Free cash flow it threw off
$2.54
Debt you’d be carrying
$183.4

10 shares is a claim on −$20.97 of net worth that earned you −$0.7 and generated $2.54 of cash last year, against $183.4 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 -41%FY22 -6%FY23 -4%FY24 -4%FY25 1%

It earned an average -11% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 198% 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
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
  • fcfGrowth20.0%
  • fcfBase$36.2M
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
  • fcfGrowth20.0%
  • fcfBase$36.2M
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 2021-06-27 · accession 0001628280-23-031928 (Revenues)
  2. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (Revenues)
  3. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (Revenues)
  4. 10-K · period ending 2021-06-27 · accession 0001628280-23-031928 (NetIncomeLoss)
  5. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (NetIncomeLoss)
  6. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-27 · accession 0001628280-23-031928 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-27 · accession 0001628280-23-031928 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-07-03 · accession 0001628280-24-039546 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-07-02 · accession 0001840572-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-27 · accession 0001628280-22-024988 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-07-03 · accession 0001628280-23-031928 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-07-02 · accession 0001628280-24-039546 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0001840572-25-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-27 · accession 0001628280-24-039546 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-07-03 · accession 0001840572-25-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)