MeritValue

Sharplink, Inc.

SBETdata completeness 88%4 fiscal years on file
The thesis, from the filings

Sharplink, Inc. earns about -291% on invested capital, but has diluted owners by 3908% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$3.49M1$4.95M1$3.66M2$28.1M2
Net income−$15.2M3−$14.2M4$10.1M5−$734.6M5
Operating cash flow−$5.94M6$582,8877−$22.8M8−$17.5M8
Capital expenditure$13,0489$12,14710$2,00011$11,00011
Free cash flow (derived)−$5.95M6$570,7407−$22.8M8−$17.6M8
Total debt$2.06M12$4.15M13$013—
Cash & equivalents$1.38M14$2.49M15$1.44M16$28.5M16
Diluted shares2.5M2.8M337,25599.7M

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
$242.58
your share of equity
Profit it earned you last year
−$73.67
Free cash flow it threw off
−$1.76
Debt you’d be carrying
—

10 shares is a claim on $242.58 of net worth that earned you −$73.67 and generated −$1.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-291% avg · 4y
FY22 -301%FY23 —FY24 -548%FY25 -24%

It earned an average -291% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3908% shares · 4y

Share count is up 3908% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 2022-12-31 · accession 0001493152-24-012028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-009214 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-012028 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-12-31 · accession 0001437749-25-007821 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-009214 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012028 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-12-31 · accession 0001437749-25-007821 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009214 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-012028 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2023-12-31 · accession 0001437749-25-007821 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-009214 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-012028 (LongTermDebtNoncurrent)
  13. 10-K/A · period ending 2023-12-31 · accession 0001437749-25-007821 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012028 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K/A · period ending 2023-12-31 · accession 0001437749-25-007821 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009214 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)