MeritValue

PSQ Holdings, Inc.

PSQHdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PSQ Holdings, Inc. earns about -301% on equity, but has diluted owners by 296% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$475,1751$5.69M2$10.1M3$18.2M3
Net income−$6.98M4−$53.3M5−$57.7M6−$36.6M6
Operating cash flow−$6.03M7−$25.8M8−$34.1M9−$19.9M9
Capital expenditure$29,93010$113,06511$011—
Free cash flow (derived)−$6.06M7−$25.9M8−$34.1M9—
Total debt————
Cash & equivalents$2.33M12$16.4M13$35.7M14$14.6M14
Diluted shares11.5M22.0M32.0M45.5M

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
$2.95
your share of equity
Profit it earned you last year
−$8.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.95 of net worth that earned you −$8.04 last year.

iii. Is this a good business?
Moat signal · return on equity
-301% avg · 4y
FY22 -205%FY23 -511%FY24 -215%FY25 -272%

It earned an average -301% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+296% shares · 4y

Share count is up 296% over 4 years — owners have been diluted. Worth asking what they got for it.

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 · period ending 2022-12-31 · accession 0001213900-24-022377 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-012592 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001847064-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-022377 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-012592 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001847064-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-022377 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-25-012592 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001847064-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-022377 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-012592 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-24-022377 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-25-012592 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001847064-26-000005 (CashAndCashEquivalentsAtCarryingValue)