MeritValue

Unusual Machines, Inc.

UMACdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Unusual Machines, Inc. earns about -387% on invested capital, but has diluted owners by 542% over 4 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 2023FY 2024FY 2025
Revenue$01$02$5.57M3$11.2M3
Net income−$1.17M4−$2.38M5−$32M6−$19.2M6
Operating cash flow−$1.19M7−$1.78M8−$4M9−$21.2M9
Capital expenditure$4,57510$3,16411$012$2.06M12
Free cash flow (derived)−$1.19M7−$1.78M8−$4M9−$23.2M9
Total debt————
Cash & equivalents$3.1M13$894,77314$3.76M15$103.3M15
Diluted shares4.1M3.3M8.3M26.0M

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
$67.24
your share of equity
Profit it earned you last year
−$7.38
Free cash flow it threw off
−$8.93
Debt you’d be carrying
—

10 shares is a claim on $67.24 of net worth that earned you −$7.38 and generated −$8.93 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-387% avg · 4y
FY22 -935%FY23 -362%FY24 -228%FY25 -21%

It earned an average -387% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+542% shares · 4y

Share count is up 542% over 4 years — owners have been diluted. Worth asking what they got for it.

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/A · period ending 2022-12-31 · accession 0001683168-24-005426 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001683168-25-001929 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-001730 (Revenues)
  4. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005426 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001683168-25-001929 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001683168-26-001730 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005426 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001683168-25-001929 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001683168-26-001730 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005426 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-001929 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-001730 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005426 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001683168-25-001929 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001683168-26-001730 (CashAndCashEquivalentsAtCarryingValue)