MeritValue

TOFUTTI BRANDS INC

TOFBdata completeness 63%16 fiscal years on file
The thesis, from the filings

TOFUTTI BRANDS INC earns about -12% on invested capital, but has diluted owners by 99900% 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 2022FY 2022FY 2023FY 2024FY 2025
Revenue$12.6M1$12.8M2$10.1M3$8.82M4$7.78M4
Net income$143,0005−$525,0006−$366,0007−$860,0008−$778,0008
Operating cash flow$689,0009−$616,00010−$225,00011−$358,00012−$98,00012
Capital expenditure—————
Free cash flow (derived)—————
Total debt$165,00013————
Cash & equivalents—————
Diluted shares5,1545,1545,1545.2M5.2M

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
$4.28
your share of equity
Profit it earned you last year
−$1.51
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.28 of net worth that earned you −$1.51 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY22 3%FY22 -14%FY23 -5%FY24 -16%FY25 -28%

It earned an average -12% 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
+99900% shares · 5y

Share count is up 99900% 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 2022-01-01 · accession 0001493152-23-010281 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012992 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-30 · accession 0001641172-25-001426 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-28 · accession 0001493152-26-016366 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-01-01 · accession 0001493152-23-010281 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012992 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-30 · accession 0001641172-25-001426 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-28 · accession 0001493152-26-016366 (NetIncomeLoss)
  9. 10-K · period ending 2022-01-01 · accession 0001493152-23-010281 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012992 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-30 · accession 0001641172-25-001426 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-28 · accession 0001493152-26-016366 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-01-01 · accession 0001493152-23-010281 (LongTermDebtCurrent)