MeritValue

MOBIVITY HOLDINGS CORP.

MFONdata completeness 88%15 fiscal years on file
The thesis, from the filings

MOBIVITY HOLDINGS CORP. earns about -245% on invested capital, but has diluted owners by 27% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$13.3M1$8.17M2$7.53M3$1.07M4$1.14M4
Net income−$2.92M5−$8.26M6−$10.1M7−$12.1M8−$10.2M8
Operating cash flow−$1.33M9−$4.48M10−$6.69M11−$8.07M12−$6.07M12
Capital expenditure$13,32513$79,21914$17,18215$16,25516$4,55916
Free cash flow (derived)−$1.34M9−$4.56M10−$6.71M11−$8.08M12−$6.07M12
Total debt$2.14M17$3.43M18$10.5M19$15.5M20$27.4M20
Cash & equivalents$3.28M21$735,42422———
Diluted shares55.4M55.4M59.2M65.8M70.2M

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
−$2.44
your share of equity
Profit it earned you last year
−$1.46
Free cash flow it threw off
−$0.86
Debt you’d be carrying
$3.9

10 shares is a claim on −$2.44 of net worth that earned you −$1.46 and generated −$0.86 of cash last year, against $3.9 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-245% avg · 5y
FY20 -345%FY21 —FY22 -431%FY23 -146%FY24 -56%

It earned an average -245% 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
+27% shares · 5y

Share count is up 27% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1181% 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
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 2020-12-31 · accession 0001562762-22-000152 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001437749-23-008892 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-014966 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-002942 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001562762-22-000152 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001437749-23-008892 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014966 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-002942 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001562762-22-000152 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-23-008892 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-014966 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-002942 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001562762-22-000152 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001437749-23-008892 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-014966 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-002942 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2020-12-31 · accession 0001562762-22-000152 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-23-008892 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-014966 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-002942 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2020-12-31 · accession 0001562762-21-000136 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2021-12-31 · accession 0001562762-22-000152 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)