MeritValue

MDB Capital Holdings, LLC

MDBHdata completeness 50%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

MDB Capital Holdings, LLC earns about -12% on invested capital. 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 2025
Revenue————
Net income−$5.31M1−$6.97M2$11.7M3−$21.2M3
Operating cash flow−$6.57M4−$7.13M5−$9.04M6−$5.68M6
Capital expenditure$193,2527$438,7847——
Free cash flow (derived)−$6.77M4−$7.56M5——
Total debt————
Cash & equivalents$4.95M8$6.11M9$20.4M10$13.2M10
Diluted shares————

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
-12% avg · 4y
FY22 -26%FY23 -19%FY24 24%FY25 -28%

It earned an average -12% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 4y

Not enough history to read capital allocation.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2022-12-31 · accession 0001493152-24-012008 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001819 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-013924 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-012008 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001819 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013924 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-012008 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-012008 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001819 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013924 (CashAndCashEquivalentsAtCarryingValue)