MeritValue

SurgePays, Inc.

SURGdata completeness 100%18 fiscal years on file
The thesis, from the filings

SurgePays, Inc. earns about -152% on invested capital, but has diluted owners by 358% 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$51.1M1$121.5M2$137.1M3$60.9M4$57M4
Net income−$13.5M5−$680,7636$20.6M7−$45.7M8−$36.1M8
Operating cash flow−$15.3M9$793,27210$10.3M11−$21.3M12−$21.3M12
Capital expenditure$51,40813$11,40214—$518,18915$18,59015
Free cash flow (derived)−$15.3M9$781,87010—−$21.8M12−$21.3M12
Total debt—$7.67M16$5.05M17$4.03M18$28.2M19
Cash & equivalents$6.28M20$7.04M20$14.6M21$11.8M22$1.73M22
Diluted shares4.4M12.4M14.9M19.1M20.1M

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
−$7.64
your share of equity
Profit it earned you last year
−$17.96
Free cash flow it threw off
−$10.61
Debt you’d be carrying
$14.06

10 shares is a claim on −$7.64 of net worth that earned you −$17.96 and generated −$10.61 of cash last year, against $14.06 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-152% avg · 5y
FY21 —FY22 -2%FY23 98%FY24 -451%FY25 -254%

It earned an average -152% 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
+358% shares · 5y

Share count is up 358% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 268% 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
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 2021-12-31 · accession 0001493152-23-009766 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009661 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000608 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016889 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009766 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009661 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000608 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016889 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009766 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009661 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000608 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016889 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009766 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-009661 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016889 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-23-009766 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-24-009661 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001641172-25-000608 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-016889 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-009766 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-000608 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-016889 (CashAndCashEquivalentsAtCarryingValue)