MeritValue

American Strategic Investment Co.

NYCdata completeness 75%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

American Strategic Investment Co. earns about -43% on invested capital, but has diluted owners by 57% 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—$800,0001$700,0001$01—
Net income−$39.5M2−$45.9M3−$105.9M4−$140.6M4−$21.2M4
Operating cash flow−$7.92M5−$486,0006−$7.41M7−$4M7−$7.75M7
Capital expenditure$3.38M8$5.56M9$4.06M10$1.29M10$757,00010
Free cash flow (derived)−$11.3M5−$6.04M6−$11.5M7−$5.29M7−$8.51M7
Total debt—————
Cash & equivalents$11.7M11$9.22M12$5.29M13$9.78M13$1.3M13
Diluted shares1.6M1.7M2.2M2.5M2.5M

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
$254.29
your share of equity
Profit it earned you last year
−$83.23
Free cash flow it threw off
−$33.42
Debt you’d be carrying
—

10 shares is a claim on $254.29 of net worth that earned you −$83.23 and generated −$33.42 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-43% avg · 5y
FY21 -5%FY22 -7%FY23 -31%FY24 -147%FY25 -26%

It earned an average -43% 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
+57% shares · 5y

Share count is up 57% over 5 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. 10-K · period ending 2022-12-31 · accession 0001628280-25-013880 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001595527-24-000006 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001628280-25-013880 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001628280-26-025292 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001595527-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-25-013880 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-26-025292 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001595527-24-000006 (PaymentsForCapitalImprovements)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-25-013880 (PaymentsForCapitalImprovements)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-26-025292 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2021-12-31 · accession 0001595527-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001628280-25-013880 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-26-025292 (CashAndCashEquivalentsAtCarryingValue)