MeritValue

Quest Resource Holding Corp

QRHCdata completeness 100%17 fiscal years on file
The thesis, from the filings

Quest Resource Holding Corp earns about -0% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$155.7M1$284M2$288.4M3$288.5M4$250.2M4
Net income$1.69M5−$6.05M6−$7.29M7−$15.1M8−$15.4M8
Operating cash flow$2.57M9−$2.34M10−$1.36M11−$6.09M12$9.56M12
Capital expenditure$545,05813$836,04314$259,00015$4.68M16$251,00016
Free cash flow (derived)$2.02M9−$3.18M10−$1.62M11−$10.8M12$9.31M12
Total debt$63.7M17$71.7M18$65.8M19$77.9M20$65M20
Cash & equivalents$8.43M21$9.56M22$324,00023$396,00024$1.01M24
Diluted shares20.7M19.5M20.1M20.6M21.0M

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
$19.29
your share of equity
Profit it earned you last year
−$7.33
Free cash flow it threw off
$4.43
Debt you’d be carrying
$30.96

10 shares is a claim on $19.29 of net worth that earned you −$7.33 and generated $4.43 of cash last year, against $30.96 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 3%FY22 1%FY23 2%FY24 -3%FY25 -5%

It earned an average -0% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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 v0.1.0
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 2021-12-31 · accession 0000950170-23-009464 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009464 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009464 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009464 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-009464 (LongTermDebtCurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (LongTermDebtCurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (LongTermDebtCurrent)
  21. 10-K · period ending 2021-12-31 · accession 0000950170-23-009464 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000950170-24-029890 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-037891 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-104675 (CashAndCashEquivalentsAtCarryingValue)