MeritValue

RUM Group Inc.

RUMdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

RUM Group Inc. earns about -245% on invested capital, but has diluted owners by 20% 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$9.47M1$39.4M1$81M2$95.5M3$100.6M3
Net income−$13.4M4−$11.4M5−$116.4M6−$338.4M7−$81.8M7
Operating cash flow−$5.31M8−$32.3M9−$92.9M10−$87M11−$70.4M11
Capital expenditure$1.34M12$8.54M13$14.6M14$2.67M15$4.07M15
Free cash flow (derived)−$6.65M8−$40.8M9−$107.5M10−$89.7M11−$74.5M11
Total debt—————
Cash & equivalents$46.8M16$337.2M17$218.3M18$114M19$237.9M19
Diluted shares211.4M242.4M201.4M204.1M254.7M

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
$10.79
your share of equity
Profit it earned you last year
−$3.21
Free cash flow it threw off
−$2.92
Debt you’d be carrying
—

10 shares is a claim on $10.79 of net worth that earned you −$3.21 and generated −$2.92 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-245% avg · 5y
FY21 —FY22 -276%FY23 -284%FY24 —FY25 -175%

It earned an average -245% 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
+20% shares · 5y

Share count is up 20% 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 v0.1.0
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 0001213900-23-024638 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001013762-25-001863 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-024099 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024638 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-026599 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-001863 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-024099 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-024638 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-026599 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001013762-25-001863 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-024099 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024638 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-026599 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-001863 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-024099 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024638 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-026599 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-001863 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-024099 (CashAndCashEquivalentsAtCarryingValue)