MeritValue

Royalty Management Holding Corp

RMCOdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Royalty Management Holding Corp earns about 1537% on equity, but has diluted owners by 35% 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—$178,8001$488,5202$807,0893$4.95M3
Net income$2.32M4−$2.71M5−$1.11M6−$114,2617−$726,8907
Operating cash flow−$1.37M8$439,6759−$236,87710$646,29011−$8,95211
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$270,00012$250,00013—
Cash & equivalents$014$433,34315$195,48616$114,13817$133,06417
Diluted shares11.1M6.9M14.3M15.0M15.0M

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
$9.14
your share of equity
Profit it earned you last year
−$0.49
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $9.14 of net worth that earned you −$0.49 last year.

iii. Is this a good business?
Moat signal · return on equity
1537% avg · 5y
FY21 7731%FY22 -28%FY23 -10%FY24 -1%FY25 -5%

It earned an average 1537% 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
+35% shares · 5y

Share count is up 35% 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
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-007837 (Revenues)
  2. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-002761 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001477932-26-001737 (Revenues)
  4. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-004017 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-007837 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-002761 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001477932-26-001737 (NetIncomeLoss)
  8. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-004017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-007837 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-002761 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001477932-26-001737 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2023-12-31 · accession 0001477932-24-007837 (LongTermDebt)
  13. 10-K/A · period ending 2024-12-31 · accession 0001477932-25-002761 (LongTermDebt)
  14. 10-K/A · period ending 2021-12-31 · accession 0001477932-24-007837 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-007837 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-002761 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001477932-26-001737 (CashAndCashEquivalentsAtCarryingValue)