MeritValue

Super League Enterprise, Inc.

SLEdata completeness 100%8 fiscal years on file
The thesis, from the filings

Super League Enterprise, Inc. earns about -448% on invested capital, and has bought back 99% 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$11.7M1$19.7M2$25.1M3$16.2M4$11.3M4
Net income−$20.7M5−$85.5M6−$30.3M7−$16.6M8−$20.7M8
Operating cash flow−$22.7M9−$19.8M10−$15.5M11−$11.5M12−$10.7M12
Capital expenditure$22,00013$149,00014$8,00015$23,00016$016
Free cash flow (derived)−$22.7M9−$20M10−$15.5M11−$11.5M12−$10.7M12
Total debt————$1.5M17
Cash & equivalents$14.5M18$2.48M19$7.61M20$1.31M21$14.4M21
Diluted shares36.8M1.9M4.8M18,708492,868

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
$355.75
your share of equity
Profit it earned you last year
−$420.34
Free cash flow it threw off
−$216.53
Debt you’d be carrying
$30.43

10 shares is a claim on $355.75 of net worth that earned you −$420.34 and generated −$216.53 of cash last year, against $30.43 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-448% avg · 5y
FY21 -25%FY22 -401%FY23 -1015%FY24 —FY25 -353%

It earned an average -448% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0001437749-23-008795 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-011939 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010233 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010734 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008795 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-011939 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010233 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010734 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008795 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-011939 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010233 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010734 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008795 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-011939 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-010233 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010734 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2025-12-31 · accession 0001437749-26-010734 (DebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-23-008795 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001437749-24-011939 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-010233 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-010734 (CashAndCashEquivalentsAtCarryingValue)