MeritValue

BRC Group Holdings, Inc.

RILYdata completeness 88%17 fiscal years on file
The thesis, from the filings

BRC Group Holdings, Inc. earns about 8% on invested capital, but has diluted owners by 5% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.18B1$825.6M2$1.11B2$986M3$789M3
Net income$445.1M4−$159.8M5−$99.9M5−$764.3M6$307.4M6
Operating cash flow$50.9M7$6.65M8$24.5M8$263.6M9−$59.7M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt————$1.43B10
Cash & equivalents$278.9M11$268.6M12$222.7M13$146.9M14$226.6M14
Diluted shares29.0M28.2M29.3M30.3M30.6M

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
−$56.14
your share of equity
Profit it earned you last year
$100.61
Free cash flow it threw off
—
Debt you’d be carrying
$467.26

10 shares is a claim on −$56.14 of net worth that earned you $100.61 last year, against $467.26 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY21 136%FY22 -86%FY23 -50%FY24 —FY25 31%

It earned an average 8% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. 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 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
book value / share count 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 0001628280-24-017512 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001464790-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2024-12-31 · accession 0001464790-26-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-017512 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001464790-25-000011 (NetIncomeLoss)
  6. 10-K/A · period ending 2024-12-31 · accession 0001464790-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-017512 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001464790-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2024-12-31 · accession 0001464790-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2025-12-31 · accession 0001464790-26-000027 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0001628280-23-008179 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001628280-24-017512 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001464790-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2024-12-31 · accession 0001464790-26-000027 (CashAndCashEquivalentsAtCarryingValue)