Proficient Auto Logistics, Inc

PALdata completeness 63%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Proficient Auto Logistics, Inc earns about -7% on equity, but has diluted owners by 54% over 2 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

Figure	FY 2024	FY 2025
Revenue	—	—
Net income	−$8.48M¹	−$36M¹
Operating cash flow	—	—
Capital expenditure	—	—
Free cash flow (derived)	—	—
Total debt	$151.1M²	$148.9M²
Cash & equivalents	$15.4M³	$14.3M³
Diluted shares	17.9M	27.6M

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

Net assets behind them

$112.91

your share of equity

Profit it earned you last year

−$13.06

Free cash flow it threw off

—

Debt you’d be carrying

$54

10 shares is a claim on $112.91 of net worth that earned you −$13.06 last year, against $54 of debt.

iii. Is this a good business?

Moat signal · return on equity

-7% avg · 2y

FY24 -3%FY25 -12%

It earned an average -7% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+54% shares · 2y

Share count is up 54% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

10-K · period ending 2024-12-31 · accession 0001213900-26-036719 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-036719 (LongTermDebtNoncurrent)
10-K · period ending 2024-12-31 · accession 0001213900-26-036719 (CashAndCashEquivalentsAtCarryingValue)