MeritValue

OXBRIDGE RE HOLDINGS Ltd

OXBRdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

OXBRIDGE RE HOLDINGS Ltd earns about -51% on invested capital, but has diluted owners by 29% 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$10.2M1$850,0002−$7.05M3$546,0004$2.58M4
Net income$8.57M5−$1.79M6−$9.92M7−$2.73M8−$2.08M8
Operating cash flow−$253,0009−$829,00010−$1.26M11−$284,00012−$1.35M12
Capital expenditure$3,00013—$5,00014—$16,00015
Free cash flow (derived)−$256,0009—−$1.27M11—−$1.36M12
Total debt—————
Cash & equivalents$3.53M16$1.21M17$495,00018$2.14M19$268,00019
Diluted shares5.7M5.8M5.9M6.1M7.4M

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
$8.01
your share of equity
Profit it earned you last year
−$2.81
Free cash flow it threw off
−$1.85
Debt you’d be carrying
—

10 shares is a claim on $8.01 of net worth that earned you −$2.81 and generated −$1.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 52%FY22 -10%FY23 -153%FY24 -113%FY25 -29%

It earned an average -51% 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
+29% shares · 5y

Share count is up 29% 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 0001493152-23-009809 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011313 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000736 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013603 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009809 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011313 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000736 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013603 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009809 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011313 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000736 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013603 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009809 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-000736 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-12-31 · accession 0001493152-26-013603 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-009809 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-011313 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-000736 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-013603 (CashAndCashEquivalentsAtCarryingValue)