MeritValue

STARZ ENTERTAINMENT CORP /CN/

STRZdata completeness 75%17 fiscal years on file
The thesis, from the filings

STARZ ENTERTAINMENT CORP /CN/ earns about -10% on invested capital, but has diluted owners by 6% 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$3.27B1$3.6B2$1.42B3$1.39B3$1.37B3
Net income−$18.9M4−$188.2M4−$1.87B5−$915.2M5−$211.2M5
Operating cash flow−$500,0006−$660.9M7−$438.3M8−$131.8M8−$46M8
Capital expenditure$35M9$33.1M10$34.3M11$20.4M11$17.6M11
Free cash flow (derived)−$35.5M6−$694M7−$472.6M8−$152.2M8−$63.6M8
Total debt$5.26B12$4.85B13$4.04B14$4.96B14—
Cash & equivalents$528.7M15$371.2M16$272.1M17$23M18$17.8M18
Diluted shares220.5M224.1M227.9M233.6M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 2%FY22 -0%FY23 -17%FY24 -9%FY25 -24%

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
+6% shares · 5y

Share count is up 6% 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
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 2021-03-31 · accession 0000929351-23-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-03-31 · accession 0000929351-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-03-31 · accession 0000929351-25-000038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-03-31 · accession 0001193125-24-187548 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000929351-25-000038 (NetIncomeLoss)
  6. 10-K · period ending 2021-03-31 · accession 0000929351-23-000019 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-03-31 · accession 0000929351-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000929351-25-000038 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-03-31 · accession 0000929351-23-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-03-31 · accession 0000929351-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0000929351-25-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-03-31 · accession 0000929351-22-000017 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-03-31 · accession 0000929351-23-000019 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0000929351-24-000012 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-03-31 · accession 0000929351-22-000017 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-03-31 · accession 0000929351-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-03-31 · accession 0000929351-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0000929351-25-000038 (CashAndCashEquivalentsAtCarryingValue)