Twin Hospitality Group Inc. earns about -6% 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.
| Figure | FY 2023 | FY 2024 |
|---|---|---|
| Revenue | $230.9M1 | $353.8M1 |
| Net income | −$13.8M2 | −$48.2M2 |
| Operating cash flow | $6.05M3 | −$15M3 |
| Capital expenditure | $23.9M4 | $25.1M4 |
| Free cash flow (derived) | −$17.8M3,4 | −$40.2M3,4 |
| Total debt | $687.8M5,6,7 | $831.4M5,6,7 |
| Cash & equivalents | — | — |
| Diluted shares | 5,000 | 5,000 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$169,218 of net worth that earned you −$96,340 and generated −$80,350 of cash last year, against $1.66M of debt.
It earned an average -6% on invested capital over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has risen 21% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (NetIncomeLoss)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (LongTermDebtNoncurrent)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (LongTermDebtCurrent)
- 10-K filed 2025-02-28 · periods ending 2023-12-31, 2024-12-29 · accession 0001628280-25-009131 (LongTermDebt)