MeritValue

Proficient Auto Logistics, Inc

PALdata completeness 63%2 fiscal years on file
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
FigureFY 2024FY 2025
Revenue——
Net income−$8.48M1−$36M1
Operating cash flow——
Capital expenditure——
Free cash flow (derived)——
Total debt$75.4M2,3$74.6M4
Cash & equivalents$15.4M5$14.3M5
Diluted shares17.9M27.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
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
$27.05

10 shares is a claim on $112.91 of net worth that earned you −$13.06 last year, against $27.05 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-036719 (NetIncomeLoss)
  2. 10-K filed 2026-03-31 · period ending 2024-12-31 · accession 0001213900-26-036719 (LongTermDebtNoncurrent)
  3. 10-K filed 2026-03-31 · period ending 2024-12-31 · accession 0001213900-26-036719 (LongTermDebtCurrent)
  4. 10-K filed 2026-03-31 · period ending 2025-12-31 · accession 0001213900-26-036719 (LongTermDebt)
  5. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-036719 (CashAndCashEquivalentsAtCarryingValue)