MeritValue

SPLASH BEVERAGE GROUP, INC.

SBEVdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

SPLASH BEVERAGE GROUP, INC. earns about -280% on equity, and has bought back 92% of its shares over 5 years. 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$11.3M1$18.1M2$18.9M3$801,2734$73,0664
Net income−$29.1M5−$21.7M6−$21M7−$23.8M8−$25.2M8
Operating cash flow−$14.7M9−$14M10−$10.2M11−$7.3M12−$4.82M12
Capital expenditure$013$102,69814$14,11315$3,23515—
Free cash flow (derived)−$14.7M9−$14.1M10−$10.2M11−$7.31M12—
Total debt$016$2.54M17$457,65618$1.97M19$3,41819
Cash & equivalents$4.18M20$4.43M21$379,97822$13,78923$281,43523
Diluted shares28.9M37.4M1.1M1.3M2.2M

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
−$70.24
your share of equity
Profit it earned you last year
−$115.84
Free cash flow it threw off
—
Debt you’d be carrying
$0.02

10 shares is a claim on −$70.24 of net worth that earned you −$115.84 last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on equity
-280% avg · 5y
FY21 -327%FY22 -233%FY23 —FY24 —FY25 —

It earned an average -280% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001731122-23-000543 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001731122-26-000577 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001731122-23-000543 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001731122-26-000577 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001731122-23-000543 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001731122-26-000577 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001731122-23-000543 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-12-31 · accession 0001731122-23-000543 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (LongTermDebt)
  19. 10-K · period ending 2024-12-31 · accession 0001731122-26-000577 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001731122-23-000543 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001731122-24-000539 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001731122-25-000964 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001731122-26-000577 (CashAndCashEquivalentsAtCarryingValue)