MeritValue

Planet 13 Holdings Inc.

PLNHdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Planet 13 Holdings Inc. earns about -35% on invested capital, but has diluted owners by 67% 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$119.5M1$104.6M2$98.5M3$116.4M3$103.4M3
Net income−$22.5M4−$59.5M5−$73.6M6−$47.8M7−$63.9M7
Operating cash flow−$3.38M8−$6.76M9−$12M10$5.21M11−$14.2M11
Capital expenditure$25.9M12$16.7M13$8.39M14$12M15$6.57M15
Free cash flow (derived)−$29.3M8−$23.4M9−$20.4M10−$6.83M11−$20.8M11
Total debt——$884,00016$19.7M17$22M17
Cash & equivalents$58.6M18$38.8M19$11.8M20$23.4M21$5.33M21
Diluted shares195.1M216.6M222.0M292.2M325.3M

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
$1.57
your share of equity
Profit it earned you last year
−$1.96
Free cash flow it threw off
−$0.64
Debt you’d be carrying
$0.68

10 shares is a claim on $1.57 of net worth that earned you −$1.96 and generated −$0.64 of cash last year, against $0.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-35% avg · 5y
FY21 -6%FY22 -29%FY23 -51%FY24 -26%FY25 -61%

It earned an average -35% 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
+67% shares · 5y

Share count is up 67% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2385% over the same window.

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/A · period ending 2021-12-31 · accession 0001437749-24-004679 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007628 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-009785 (Revenues)
  4. 10-K/A · period ending 2021-12-31 · accession 0001437749-24-004679 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-24-007628 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-009359 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-009785 (NetIncomeLoss)
  8. 10-K/A · period ending 2021-12-31 · accession 0001437749-24-004679 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-007628 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-009359 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-009785 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2021-12-31 · accession 0001437749-24-004679 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-007628 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-009359 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-009785 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-25-009359 (LongTermDebt)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-009785 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2021-12-31 · accession 0001437749-24-004679 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001437749-24-007628 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-009359 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-009785 (CashAndCashEquivalentsAtCarryingValue)