MeritValue

MIXED MARTIAL ARTS GROUP LTD

MMAdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

MIXED MARTIAL ARTS GROUP LTD earns about -563% on equity, but has diluted owners by 233% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$940,8031$1.54M2$562,3122$1.38M2
Net income−$11.2M3−$20.6M4−$14.4M4−$26M4
Operating cash flow−$8.06M5−$5.5M6−$9.33M6−$8.31M6
Capital expenditure$59,4297$14,7968$18,6358$2,8778
Free cash flow (derived)−$8.11M5−$5.52M6−$9.35M6−$8.31M6
Total debt————
Cash & equivalents$569,9779$3.7M9$3.54M9$2.08M9
Diluted shares3.9M3.9M10.3M13.0M

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
−$1.06
your share of equity
Profit it earned you last year
−$19.95
Free cash flow it threw off
−$6.37
Debt you’d be carrying
—

10 shares is a claim on −$1.06 of net worth that earned you −$19.95 and generated −$6.37 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-563% avg · 4y
FY22 —FY23 —FY24 -563%FY25 —

It earned an average -563% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+233% shares · 4y

Share count is up 233% over 4 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.

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. 20-F · period ending 2022-06-30 · accession 0001493152-24-043200 (Revenue)
  2. 20-F · period ending 2023-06-30 · accession 0001493152-25-020434 (Revenue)
  3. 20-F · period ending 2022-06-30 · accession 0001493152-24-043200 (ProfitLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001493152-25-020434 (ProfitLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001493152-24-043200 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001493152-25-020434 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2022-06-30 · accession 0001493152-24-043200 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2023-06-30 · accession 0001493152-25-020434 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2022-06-30 · accession 0001493152-25-020434 (CashAndCashEquivalents)