MeritValue

Eightco Holdings Inc.

ORBSdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Eightco Holdings Inc. earns about -1756% on invested capital, but has diluted owners by 31618693% 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$7.87M1$31.8M2$67.6M3$39.6M4$33M4
Net income$28,7805−$47.3M6−$68.3M7$708,5398−$262M8
Operating cash flow−$197,1599−$16.7M10−$6.4M11−$6.64M12−$11M12
Capital expenditure———$82613$2,20813
Free cash flow (derived)———−$6.64M12−$11M12
Total debt—————
Cash & equivalents$911,19414$5.58M15$5.25M16$239,18717$58.5M17
Diluted shares200313,0722.9M2.0M63.2M

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
$36.79
your share of equity
Profit it earned you last year
−$41.43
Free cash flow it threw off
−$1.74
Debt you’d be carrying
—

10 shares is a claim on $36.79 of net worth that earned you −$41.43 and generated −$1.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1756% avg · 5y
FY21 4%FY22 -6864%FY23 —FY24 -44%FY25 -119%

It earned an average -1756% 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
+31618693% shares · 5y

Share count is up 31618693% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001493152-23-012596 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-022942 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004802 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016664 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012596 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-022942 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004802 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016664 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012596 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-022942 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004802 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016664 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001493152-26-016664 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-012596 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-022942 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-004802 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-016664 (CashAndCashEquivalentsAtCarryingValue)