MeritValue

Snail, Inc.

SNALdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'dilutedShares'

The thesis, from the filings

Snail, Inc. earns about 10% 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$106.7M1$74.4M2$60.9M3$84.5M4$81.2M4
Net income$8.47M5$947,8076−$9.09M7$1.83M8−$27.2M8
Operating cash flow$15.8M9−$3.36M10$465,86811−$1.57M12−$1.15M12
Capital expenditure—$5,25613——$15,79814
Free cash flow (derived)—−$3.36M10——−$1.17M12
Total debt$2.96M15$26.5M16$17.4M17$8.45M18$20.2M19
Cash & equivalents$10.2M20$12.9M21$15.2M22$7.3M23$8.57M23
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
10% avg · 5y
FY21 98%FY22 -1%FY23 -75%FY24 17%FY25 —

It earned an average 10% 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

Total debt has risen 580% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
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 0001104659-23-038408 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000784 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011617 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-038408 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000784 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011617 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-038408 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000784 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011617 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-011617 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001104659-23-038408 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-000784 (LongTermDebtCurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-011617 (LongTermDebtCurrent)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-011617 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001104659-23-038408 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-012392 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-000784 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-011617 (CashAndCashEquivalentsAtCarryingValue)