MeritValue

Mobiquity Technologies, Inc.

MOBQdata completeness 100%16 fiscal years on file
The thesis, from the filings

Mobiquity Technologies, Inc. earns about -2429% on invested capital, but has diluted owners by 533% 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$2.67M1$4.17M2$860,0903$2.09M4$112,3164
Net income−$18.3M5−$8.06M6−$6.53M7−$8.59M8−$10.4M8
Operating cash flow−$6.72M9−$6.19M10−$4.4M11−$2.41M12−$5.35M12
Capital expenditure$6,47213$8,00414$014$015$1,98715
Free cash flow (derived)−$6.72M9−$6.2M10−$4.4M11−$2.41M12−$5.36M12
Total debt$6.24M16$300,00017$384,80617$1.55M18$4.82M18
Cash & equivalents$5.39M19$220,85420$528,27221$1.16M21$642,51522
Diluted shares3.4M542,8752.1M10.2M21.2M

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
$0.56
your share of equity
Profit it earned you last year
−$4.92
Free cash flow it threw off
−$2.52
Debt you’d be carrying
$2.27

10 shares is a claim on $0.56 of net worth that earned you −$4.92 and generated −$2.52 of cash last year, against $2.27 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2429% avg · 5y
FY21 —FY22 -9147%FY23 -227%FY24 -187%FY25 -153%

It earned an average -2429% 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
+533% shares · 5y

Share count is up 533% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 23% — 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 0001683168-23-002071 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002311 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002754 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002071 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002311 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002754 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002071 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002311 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002754 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002071 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001683168-26-002754 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001683168-23-002071 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001683168-26-002754 (LongTermDebtCurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001683168-23-002071 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001683168-24-002214 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001683168-25-002311 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-12-31 · accession 0001683168-26-002754 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)