MeritValue

PodcastOne, Inc.

PODCdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

PodcastOne, Inc. earns about -42% on invested capital, below its ~9% cost of capital, and has bought back 76% of its shares over 4 years — no moat visible in the numbers. The estimate methods put fair value between $1.39 and $1.5 a share.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 2023FY 2024FY 2025FY 2026
Revenue$34.6M1$43.3M2$52.1M3$61.7M3
Net income−$6.97M4−$14.7M5−$6.46M6−$2.64M6
Operating cash flow−$4.7M7$2.21M8−$212,0009$2.45M9
Capital expenditure$219,00010$318,00011$154,00012$22,00012
Free cash flow (derived)−$4.92M7$1.89M8−$366,0009$2.43M9
Total debt————
Cash & equivalents$3.56M13$1.45M14$1.08M15$3.51M15
Diluted shares110.8M21.8M24.4M26.6M

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
shares
Net assets behind them
$6.41
your share of equity
Profit it earned you last year
−$0.99
Free cash flow it threw off
$0.91
Debt you’d be carrying
—

10 shares is a claim on $6.41 of net worth that earned you −$0.99 and generated $0.91 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-42% avg · 4y
FY23 -51%FY24 -66%FY25 -36%FY26 -15%

It earned about -42% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−76% shares · 4y

Share count is down 76% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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

The 2 estimate methods that apply put fair value between $1.39 and $1.5 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.89M
DCF · Growth Exit 5Y
$1.39
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.89M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.39
The three cases
Bear0.0%$1.15
Base5.0%$1.39
Bull10.0%$1.69

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2023-03-31 · accession 0001437749-24-021729 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-03-31 · accession 0001437749-25-022022 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-03-31 · accession 0001437749-26-021988 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2023-03-31 · accession 0001437749-24-021729 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001437749-25-022022 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001437749-26-021988 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001437749-24-021729 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-03-31 · accession 0001437749-25-022022 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001437749-26-021988 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001437749-24-021729 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-03-31 · accession 0001437749-25-022022 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-03-31 · accession 0001437749-26-021988 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-03-31 · accession 0001437749-24-021729 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-03-31 · accession 0001437749-25-022022 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-03-31 · accession 0001437749-26-021988 (CashAndCashEquivalentsAtCarryingValue)