Marblegate Capital Corp
MGTEdata completeness 100%2 fiscal years on fileMarblegate Capital Corp earns about 1% on invested capital, but has diluted owners by 13% over 2 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.
| Figure | FY 2024 | FY 2025 |
|---|---|---|
| Revenue | $21M1 | $48.5M1 |
| Net income | $9.36M2 | −$44.9M2 |
| Operating cash flow | $10.3M3 | $1.17M3 |
| Capital expenditure | $04 | $247,0004 |
| Free cash flow (derived) | $10.3M3 | $922,0003 |
| Total debt | $05 | $42M5 |
| Cash & equivalents | $35.2M6 | $25.3M6 |
| Diluted shares | 63.0M | 71.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $69.28 of net worth that earned you −$6.33 and generated $0.13 of cash last year, against $5.91 of debt.
It earned an average 1% on invested capital over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 13% over 2 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-125186 (CashAndCashEquivalentsAtCarryingValue)