MeritValue

Mediaco Holding Inc.

MDIAdata completeness 100%7 fiscal years on file
The thesis, from the filings

Mediaco Holding Inc. earns about -12% on invested capital, but has diluted owners by 1000% 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$41.7M1$38.6M2$32.4M3$95.6M4$133.3M4
Net income−$6.1M5$30.9M5−$7.63M6−$1.3M6−$66.2M7
Operating cash flow$2.94M8$2.2M9−$5.32M10−$19.9M11$1.97M11
Capital expenditure$366,00012$76,00013$1.07M14$1.11M15$774,00015
Free cash flow (derived)$2.57M8$2.12M9−$6.38M10−$21M11$1.2M11
Total debt$100.3M16$5.95M17$6.46M18$70.2M19$73.3M19
Cash & equivalents$6.12M20$10.9M21$3.82M22$4.44M23$5.11M23
Diluted shares7.2M13.4M24.9M59.8M79.4M

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
$5.83
your share of equity
Profit it earned you last year
−$8.34
Free cash flow it threw off
$0.15
Debt you’d be carrying
$9.23

10 shares is a claim on $5.83 of net worth that earned you −$8.34 and generated $0.15 of cash last year, against $9.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 4%FY22 -5%FY23 -13%FY24 -1%FY25 -45%

It earned an average -12% 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
+1000% shares · 5y

Share count is up 1000% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 27% — 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 v0.1.0
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 0001784254-23-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001784254-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001784254-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001784254-24-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (NetIncomeLoss)
  7. 10-K · period ending 2025-12-31 · accession 0001784254-26-000009 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001784254-23-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001784254-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001784254-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001784254-23-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001784254-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001784254-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001784254-23-000004 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001784254-24-000003 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001784254-26-000009 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001784254-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001784254-24-000003 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001784254-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001784254-26-000009 (CashAndCashEquivalentsAtCarryingValue)