MeritValue

PLAYSTUDIOS, Inc.

MYPSdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PLAYSTUDIOS, Inc. earns about -6% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $7.94 and $9.79 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$287.4M1$290.3M1$310.9M2$289.4M3$235.1M3
Net income$10.7M4−$17.8M4−$19.4M5−$28.7M6−$28.6M6
Operating cash flow$33.9M7$33.4M7$51.7M8$45.7M9$26.3M9
Capital expenditure$2.01M10$12M10$6.34M11$3.98M12$968,00012
Free cash flow (derived)$31.9M7$21.4M7$45.4M8$41.8M9$25.4M9
Total debt—————
Cash & equivalents$213.5M13$134M14$132.9M15$109.2M16$104.9M16
Diluted shares124.9M128.4M133.0M129.4M125.7M

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
$18.13
your share of equity
Profit it earned you last year
−$2.28
Free cash flow it threw off
$2.02
Debt you’d be carrying
—

10 shares is a claim on $18.13 of net worth that earned you −$2.28 and generated $2.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 11%FY22 -10%FY23 1%FY24 -16%FY25 -17%

It earned about -6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 2 estimate methods that apply put fair value between $7.94 and $9.79 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$9.79
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth9.4%
  • fcfBase$41.8M
DCF · Growth Exit 5Y
$7.94
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth9.4%
  • fcfBase$41.8M
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 →

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 years9.4%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $7.94
The three cases
Bear0.0%$5.58
Base9.4%$7.94
Bull14.4%$9.54

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

Default growth 9.4%= 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 0001823878-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001823878-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001823878-26-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001823878-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001823878-25-000017 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001823878-26-000020 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001823878-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001823878-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001823878-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001823878-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001823878-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001823878-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001823878-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001823878-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001823878-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001823878-26-000020 (CashAndCashEquivalentsAtCarryingValue)