MeritValue

Safe Pro Group Inc.

SPAIdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Safe Pro Group Inc. earns about -209% on equity, but has diluted owners by 112% over 3 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 2023FY 2024FY 2025
Revenue$917,7201$2.17M2$606,6812
Net income−$6.31M3−$7.43M4−$14.3M4
Operating cash flow−$2M5−$4.1M6−$6.22M6
Capital expenditure$30,1727$63,8018$48,8088
Free cash flow (derived)−$2.03M5−$4.16M6−$6.27M6
Total debt—$146,0009$146,00010
Cash & equivalents$703,36811$1.97M11$16.8M11
Diluted shares8.0M10.6M16.9M

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
$10.48
your share of equity
Profit it earned you last year
−$8.47
Free cash flow it threw off
−$3.71
Debt you’d be carrying
$0.09

10 shares is a claim on $10.48 of net worth that earned you −$8.47 and generated −$3.71 of cash last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on equity
-209% avg · 3y
FY23 -355%FY24 -192%FY25 -81%

It earned an average -209% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+112% shares · 3y

Share count is up 112% over 3 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
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 2023-12-31 · accession 0001641172-25-001383 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014181 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001383 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014181 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001383 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014181 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001383 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014181 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001641172-25-001383 (LongTermDebt)
  10. 10-K · period ending 2025-12-31 · accession 0001493152-26-014181 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-26-014181 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)