MeritValue

Sow Good Inc.

SOWGdata completeness 75%16 fiscal years on file
The thesis, from the filings

Sow Good Inc. earns about -130% on invested capital, but has diluted owners by 178% over 5 years — worth asking whether the growth reaches owners. 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$88,4401$428,1322$16.1M3$04$04
Net income−$6.87M5−$12.1M6−$3.06M7−$3.7M8−$40.6M8
Operating cash flow−$5.55M9−$5.15M10−$4.85M11−$9.43M12−$4.31M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$699,21313————
Cash & equivalents$3.35M14$276,46415$2.41M16$3.72M17$1.47M17
Diluted shares4.3M4.8M5.2M9.2M11.8M

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
−$2.16
your share of equity
Profit it earned you last year
−$34.33
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$2.16 of net worth that earned you −$34.33 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-130% avg · 5y
FY21 —FY22 -338%FY23 -20%FY24 -33%FY25 —

It earned an average -130% 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
+178% shares · 5y

Share count is up 178% over 5 years — owners have been diluted. Worth asking what they got for it. 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2021-12-31 · accession 0001683168-23-002404 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009065 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-045749 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-133385 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002404 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009065 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-045749 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-133385 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002404 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009065 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-045749 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-133385 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-22-002066 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001683168-23-002404 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001437749-24-009065 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-045749 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-133385 (CashAndCashEquivalentsAtCarryingValue)