MeritValue

ODYSSEY MARINE EXPLORATION INC

OMEXdata completeness 88%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$921,2381$1.33M2$803,7993$768,6774$353,7194
Net income−$9.96M5−$22.1M6$5.35M7$15.7M8−$43.1M8
Operating cash flow−$5.43M9−$10.2M10−$10.2M11$642,34112−$8.85M12
Capital expenditure$19,13713$1.48M14$1.35M15$84,35016$16,09816
Free cash flow (derived)−$5.44M9−$11.7M10−$11.5M11$557,99112−$8.87M12
Total debt—————
Cash & equivalents$2.27M17$1.44M18$4.02M19$4.79M20$3.52M20
Diluted shares13.3M17.3M20.1M28.4M39.3M

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
−$9.59
your share of equity
Profit it earned you last year
−$10.98
Free cash flow it threw off
−$2.26
Debt you’d be carrying
—

10 shares is a claim on −$9.59 of net worth that earned you −$10.98 and generated −$2.26 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
+195% shares · 5y

Share count is up 195% 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 2021-12-31 · accession 0000950170-23-011378 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001193125-24-141624 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047918 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-134584 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011378 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001193125-24-141624 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047918 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-134584 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011378 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001193125-24-141624 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047918 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-134584 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-011378 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-24-141624 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-047918 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-134584 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-22-091806 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001193125-24-141624 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-047918 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-134584 (CashAndCashEquivalentsAtCarryingValue)