MeritValue

Resolute Holdings Management, Inc.

RHLDdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Resolute Holdings Management, Inc. earns about 268% 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 2024FY 2025
Revenue$420.6M1$462.1M1
Net income−$2.33M2−$5.92M2
Operating cash flow$152.1M3$196.1M3
Capital expenditure$7.41M4$6.86M4
Free cash flow (derived)$144.7M3$189.2M3
Total debt$195.6M5$184.8M5
Cash & equivalents$71.6M6$161.4M6
Diluted shares8.5M8.5M

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
$7.65
your share of equity
Profit it earned you last year
−$6.95
Free cash flow it threw off
$222.02
Debt you’d be carrying
$216.81

10 shares is a claim on $7.65 of net worth that earned you −$6.95 and generated $222.02 of cash last year, against $216.81 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
268% avg · 2y
FY24 89%FY25 448%

It earned an average 268% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001104659-26-027050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-027050 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-027050 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-027050 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-027050 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-027050 (CashAndCashEquivalentsAtCarryingValue)