MeritValue

Sadot Group Inc.

SDOTdata completeness 88%10 fiscal years on file
The thesis, from the filings

Sadot Group Inc. earns about -42% on invested capital, and has bought back 95% 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$10.3M1$161.7M1$717.5M2$700.9M3$246.9M3
Net income−$8.18M4−$7.96M5−$7.82M6$3.99M7−$93.4M7
Operating cash flow−$6.39M8−$198,0009−$13.4M9−$2.78M10−$8.69M10
Capital expenditure$262,01911$597,00012$7.28M13$37,00014—
Free cash flow (derived)−$6.65M8−$795,0009−$20.7M9−$2.81M10—
Total debt——$7.31M15$7.39M16$10.2M17
Cash & equivalents$15.8M18$9.9M19$1.35M20$1.79M20$653,00020
Diluted shares16.5M28.6M3.5M466,569820,288

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
−$699.9
your share of equity
Profit it earned you last year
−$1,138.48
Free cash flow it threw off
—
Debt you’d be carrying
$124.3

10 shares is a claim on −$699.9 of net worth that earned you −$1,138.48 last year, against $124.3 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-42% avg · 5y
FY21 -74%FY22 -94%FY23 -17%FY24 16%FY25 —

It earned an average -42% 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
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 39% over the same window.

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 0001493152-23-008370 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001701756-25-000043 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001731122-26-000630 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-008370 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001701756-24-000040 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001701756-25-000043 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001731122-26-000630 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-008370 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001701756-24-000040 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001731122-26-000630 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-008370 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001701756-24-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001701756-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001731122-26-000630 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001701756-24-000040 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001701756-25-000043 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001731122-26-000630 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001701756-24-000040 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-12-31 · accession 0001701756-25-000043 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2023-12-31 · accession 0001731122-26-000630 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)