MeritValue

Outdoor Holding Co

POWWdata completeness 88%14 fiscal years on file
The thesis, from the filings

Outdoor Holding Co earns about -4% on invested capital, with a roughly flat share count. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$240.3M1$63.1M2$53.9M2$49.4M3$51.1M3
Net income$25.9M4−$8.77M5−$16.6M5−$130.8M6−$3.54M6
Operating cash flow$1.77M7$35.6M7$32.6M7−$5.06M8$963,8478
Capital expenditure$19.2M9$1.76M10$2.65M10$3.41M11$2.89M11
Free cash flow (derived)−$17.5M7$33.8M7$30M7−$8.47M8−$1.93M8
Total debt—————
Cash & equivalents$23.3M12$39.1M12$55.6M13$30.2M14$68.1M14
Diluted shares114.8M117.2M118.2M117.6M117.1M

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
$20.07
your share of equity
Profit it earned you last year
−$0.3
Free cash flow it threw off
−$0.16
Debt you’d be carrying
—

10 shares is a claim on $20.07 of net worth that earned you −$0.3 and generated −$0.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY22 7%FY23 1%FY24 -2%FY25 -24%FY26 -1%

It earned an average -4% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 2022-03-31 · accession 0000950170-25-075182 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-086893 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-03-31 · accession 0001193125-26-276653 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2022-03-31 · accession 0000950170-25-075182 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-086893 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001193125-26-276653 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-03-31 · accession 0000950170-25-075182 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-03-31 · accession 0001193125-26-276653 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K/A · period ending 2022-03-31 · accession 0000950170-25-075182 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-03-31 · accession 0000950170-25-086893 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-03-31 · accession 0001193125-26-276653 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2022-03-31 · accession 0000950170-25-075182 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-03-31 · accession 0000950170-25-086893 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2025-03-31 · accession 0001193125-26-276653 (CashAndCashEquivalentsAtCarryingValue)