MeritValue

United States Gasoline Fund, LP

UGAdata completeness 50%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$49.1M1$28.4M2$1.42M3$6.66M3−$3.09M3
Net income$48.3M4$27.4M5$539,0566$5.64M6−$3.92M6
Operating cash flow$46.5M7$19.3M8$13.6M9$1.2M9−$1.76M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$50.1M10$30.6M11$45.8M12$75.9M12$67.1M12
Diluted shares—————

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 equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
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
no diluted share count
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 0001410578-24-000099 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-25-000238 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-021515 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-24-000099 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001410578-25-000238 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-021515 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001410578-24-000099 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001410578-25-000238 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-021515 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-24-000099 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001410578-25-000238 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-021515 (CashAndCashEquivalentsAtCarryingValue)