MeritValue

Strategic Storage Trust VI, Inc.

SGSTdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

Strategic Storage Trust VI, Inc. earns about -21% on invested capital. 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$1.25M1$8.7M2$21M3$28.1M3$30.5M3
Net income−$3.61M4−$14.4M5−$32.9M6−$35.6M6−$24M6
Operating cash flow−$2.96M7−$4.62M8−$12.6M9−$5.51M9−$19.8M9
Capital expenditure$285,12310$1.45M11$8.08M12$10.4M12$12.7M12
Free cash flow (derived)−$3.25M7−$6.07M8−$20.7M9−$15.9M9−$32.5M9
Total debt—————
Cash & equivalents$3.93M13$7.15M14$9.01M15$10.8M16$8.8M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY21 -7%FY22 -7%FY23 -16%FY24 -28%FY25 -44%

It earned an average -21% 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
— shares · 5y

Not enough history to read capital allocation.

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 0000950170-24-038556 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-047586 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-121831 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-038556 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-047586 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-121831 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-038556 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-047586 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-121831 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-038556 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-047586 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-121831 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009154 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038556 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-047586 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-121831 (CashAndCashEquivalentsAtCarryingValue)