MeritValue

Star Holdings

STHOdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Star Holdings earns about -10% on invested capital, with a roughly flat share count. 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$272.2M1$124.1M2$123.1M3$113.3M3$110.1M3
Net income$62.7M4−$36.3M5−$196.4M6−$86.8M6−$64.2M6
Operating cash flow$8.53M7−$27.4M8−$18.7M9−$31.3M9−$11.7M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$192.9M10$217.3M11$268.7M11
Cash & equivalents$15.5M12$4.23M13$50.7M14$35M14$50.1M14
Diluted shares13.3M13.3M13.3M13.3M13.1M

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
$192.06
your share of equity
Profit it earned you last year
−$49.01
Free cash flow it threw off
—
Debt you’d be carrying
$204.99

10 shares is a claim on $192.06 of net worth that earned you −$49.01 last year, against $204.99 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 5%FY22 -3%FY23 -28%FY24 -14%FY25 -12%

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
−2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 39% 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 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 0001953366-24-000005 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001097 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001953366-26-000003 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001953366-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001097 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001953366-26-000003 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001953366-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001097 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001953366-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-001097 (LongTermDebt)
  11. 10-K · period ending 2024-12-31 · accession 0001953366-26-000003 (LongTermDebt)
  12. 10-K · period ending 2021-12-31 · accession 0001953366-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-25-001097 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001953366-26-000003 (CashAndCashEquivalentsAtCarryingValue)