Seaport Entertainment Group Inc.

SEGdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Seaport Entertainment Group Inc. earns about -44% on invested capital, but has diluted owners by 130% 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$119M¹	$114.9M²	$110.2M²	$130.4M²
Net income	−$111.3M³	−$838.1M⁴	−$153.2M⁴	−$116.7M⁴
Operating cash flow	−$29.6M⁵	−$50.8M⁶	−$52.7M⁶	−$49.7M⁶
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	$155.6M⁷	$101.6M⁸	$38.3M⁸
Cash & equivalents	$16.4M⁹	$1.83M¹⁰	$165.7M¹⁰	$77.8M¹⁰
Diluted shares	5.5M	5.5M	9.1M	12.7M

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

Net assets behind them

$358.92

your share of equity

Profit it earned you last year

−$91.79

Free cash flow it threw off

—

Debt you’d be carrying

$30.15

10 shares is a claim on $358.92 of net worth that earned you −$91.79 last year, against $30.15 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-44% avg · 4y

FY22 -8%FY23 -123%FY24 -24%FY25 -22%

It earned an average -44% 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

+130% shares · 4y

Share count is up 130% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 75% — 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

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

10-K · period ending 2022-12-31 · accession 0001558370-25-002600 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001104659-26-023561 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001558370-25-002600 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001104659-26-023561 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-25-002600 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001104659-26-023561 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001558370-25-002600 (LongTermDebt)
10-K · period ending 2024-12-31 · accession 0001104659-26-023561 (LongTermDebt)
10-K · period ending 2022-12-31 · accession 0001558370-25-002600 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001104659-26-023561 (CashAndCashEquivalentsAtCarryingValue)