MeritValue

Synergy CHC Corp.

SNYRdata completeness 88%11 fiscal years on file
The thesis, from the filings

Synergy CHC Corp. earns about -155% on equity, and has bought back 89% 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 2018FY 2019FY 2023FY 2024FY 2025
Revenue$33.8M1$29.4M1$42.8M2$34.8M3$30.4M3
Net income−$6.16M4−$9.21M4$6.34M5$2.12M6−$12.3M6
Operating cash flow$1.3M7$2.95M7$421,7298−$4.8M9−$2.59M9
Capital expenditure$129,08710————
Free cash flow (derived)$1.18M7————
Total debt$28,21311—$15.2M12$19.2M13$25.1M13
Cash & equivalents$459,73614$1.22M14$632,53415$687,92016$2.62M16
Diluted shares89.9M89.9M7.4M7.6M9.7M

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
shares
Net assets behind them
−$23.79
your share of equity
Profit it earned you last year
−$12.69
Free cash flow it threw off
—
Debt you’d be carrying
$25.77

10 shares is a claim on −$23.79 of net worth that earned you −$12.69 last year, against $25.77 of debt.

iii. Is this a good business?
Moat signal · return on equity
-155% avg · 5y
FY18 -155%FY19 —FY23 —FY24 —FY25 —

It earned an average -155% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 88712% 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
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 2018-12-31 · accession 0001493152-20-007381 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026254 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037883 (Revenues)
  4. 10-K · period ending 2018-12-31 · accession 0001493152-20-007381 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-026254 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037883 (NetIncomeLoss)
  7. 10-K · period ending 2018-12-31 · accession 0001493152-20-007381 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-026254 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-037883 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2018-12-31 · accession 0001493152-20-007381 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2018-12-31 · accession 0001493152-19-004286 (DebtCurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-026254 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-037883 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2018-12-31 · accession 0001493152-20-007381 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-026254 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-037883 (CashAndCashEquivalentsAtCarryingValue)