MeritValue

LUDWIG ENTERPRISES, INC.

LUDGdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue——$2171—
Net income−$965,1502−$2.46M3−$3.02M4−$2.24M4
Operating cash flow−$444,8055−$647,8606−$660,3027−$644,8427
Capital expenditure————
Free cash flow (derived)————
Total debt$1.23M8$100,0008——
Cash & equivalents$516,1959$108,33510$21711$011
Diluted shares315.2M286.6M158.6M161.8M

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
−$0.27
your share of equity
Profit it earned you last year
−$0.14
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.27 of net worth that earned you −$0.14 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−49% shares · 4y

Share count is down 49% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 92% — deleveraging.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2024-12-31 · accession 0001213900-26-028315 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001903596-24-000245 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-004397 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-028315 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001903596-24-000245 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-004397 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-028315 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001903596-24-000245 (LongTermDebt)
  9. 10-K · period ending 2022-12-31 · accession 0001013762-25-004397 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-26-028315 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-028315 (CashAndCashEquivalentsAtCarryingValue)