MeritValue

Reborn Coffee, Inc.

REBNdata completeness 100%7 fiscal years on file
The thesis, from the filings

Reborn Coffee, Inc. earns about -352% on invested capital, and has bought back 51% of its shares over 5 years. 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$2.2M1$3.18M1$5.51M2$5.93M3$8.09M3
Net income−$3.44M4−$3.55M5−$4.73M6−$4.81M7−$9.14M7
Operating cash flow−$1.95M8−$3.3M9−$3.18M10−$3.45M11−$6.51M11
Capital expenditure$348,22412$681,53113$2.41M14$1.11M15$51,19515
Free cash flow (derived)−$2.3M8−$3.98M9−$5.59M10−$4.56M11−$6.56M11
Total debt$7,95716$30,06016$800,00017$500,00018$500,00019
Cash & equivalents$905,05120$3.02M21$164,30122$158,21523$2.59M23
Diluted shares10.7M12.2M1.7M2.9M5.3M

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
$8.77
your share of equity
Profit it earned you last year
−$17.27
Free cash flow it threw off
−$12.38
Debt you’d be carrying
$0.94

10 shares is a claim on $8.77 of net worth that earned you −$17.27 and generated −$12.38 of cash last year, against $0.94 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-352% avg · 5y
FY21 -898%FY22 -215%FY23 -245%FY24 -129%FY25 -276%

It earned an average -352% 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
−51% shares · 5y

Share count is down 51% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 6184% over the same window.

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 0001213900-23-028895 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026307 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-046490 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-028895 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-026917 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-026307 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-046490 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-028895 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-026917 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-026307 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-046490 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-028895 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-026917 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-026307 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-046490 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-028895 (LongTermDebtCurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-24-026917 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-25-026307 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001213900-26-046490 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-028895 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-026917 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001213900-25-026307 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-046490 (CashAndCashEquivalentsAtCarryingValue)