MeritValue

MARKETWISE, INC.

MKTWdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

The estimate methods put fair value between $23.91 and $296.06 a share.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$549.2M1$512.4M2$448.2M3$408.7M3$328.1M3
Net income−$1.01B4$18M5$1.78M6$7.06M6$5.62M6
Operating cash flow$63.6M7$48.4M8$62.4M9−$22.2M9$46M9
Capital expenditure$157,00010$35,00011$65,00012$133,00012$391,00012
Free cash flow (derived)$63.5M7$48.3M8$62.4M9−$22.3M9$45.6M9
Total debt—————
Cash & equivalents$139.1M13$158.6M14$155.2M15$97.9M15$70.1M15
Diluted shares—24.7M1.7M2.0M2.4M

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
−$47.96
your share of equity
Profit it earned you last year
$23.07
Free cash flow it threw off
$187.06
Debt you’d be carrying
—

10 shares is a claim on −$47.96 of net worth that earned you $23.07 and generated $187.06 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

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

seeing a moat in the numbers →
Management signal · capital allocation
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

The 3 estimate methods that apply put fair value between $23.91 and $296.06 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$275.93
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$45.6M
DCF · Growth Exit 5Y
$296.06
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$45.6M
Earnings Power Value
$23.91
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.62M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $296.06
The three cases
Bear0.0%$296.06
Base0.0%$296.06
Bull5.0%$360.74

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-009542 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-010781 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001805651-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-009542 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-010781 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001805651-26-000016 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-009542 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-010781 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001805651-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-009542 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-010781 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001805651-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-24-009542 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-25-010781 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001805651-26-000016 (CashAndCashEquivalentsAtCarryingValue)