MeritValue

RIDGEFIELD ACQUISITION CORP

RDGAdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

RIDGEFIELD ACQUISITION CORP earns about -3117% on equity, but has diluted owners by 1498% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$01$02$03$03$04
Net income−$68,2305−$58,5336−$63,8997−$72,9828−$67,5528
Operating cash flow−$49,4559−$52,73610−$64,43811−$46,78512−$67,46612
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2,81613$5,63814$21,20015$24,41516$16,94916
Diluted shares1.3M2.5M2.9M2.9M20.1M

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
−$0.08
your share of equity
Profit it earned you last year
−$0.03
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.08 of net worth that earned you −$0.03 last year.

iii. Is this a good business?
Moat signal · return on equity
-3117% avg · 5y
FY20 —FY21 -3117%FY22 —FY23 —FY24 —

It earned an average -3117% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1498% shares · 5y

Share count is up 1498% over 5 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2020-12-31 · accession 0001410578-22-000356 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001410578-23-000181 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000184 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001410578-25-000352 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001410578-22-000356 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001410578-23-000181 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001410578-24-000184 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001410578-25-000352 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001410578-22-000356 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-23-000181 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001410578-24-000184 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001410578-25-000352 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001410578-22-000356 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2021-12-31 · accession 0001410578-23-000181 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001410578-24-000184 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001410578-25-000352 (CashAndCashEquivalentsAtCarryingValue)