MeritValue

Volato Group, Inc.

SOARdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

Volato Group, Inc. earns about -358% on equity, and has bought back 61% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$96.7M1$35.6M2$39.1M3$78.6M3
Net income−$9.37M4−$52.8M5−$40.6M6$5.17M6
Operating cash flow−$21.4M7−$30.4M8−$16.9M9$3.49M9
Capital expenditure$259,00010$637,00011$145,00012$211,00012
Free cash flow (derived)−$21.7M7−$31M8−$17.1M9$3.28M9
Total debt————
Cash & equivalents$7.88M13$16.7M14$4M14$4.7M14
Diluted shares11.3M609,8001.7M4.4M

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
−$4.21
your share of equity
Profit it earned you last year
$11.79
Free cash flow it threw off
$7.48
Debt you’d be carrying
—

10 shares is a claim on −$4.21 of net worth that earned you $11.79 and generated $7.48 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-358% avg · 4y
FY22 —FY23 -358%FY24 —FY25 —

It earned an average -358% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−61% shares · 4y

Share count is down 61% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001628280-24-012994 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-015715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-017343 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001628280-24-012994 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-015715 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-017343 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001628280-24-012994 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-25-015715 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-017343 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-012994 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015715 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-017343 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-25-015715 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-26-017343 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)