MeritValue

MDJM LTD

UOKAFdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MDJM LTD earns about -60% on invested capital, and has bought back 100% of its shares over 5 years. 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$4.47M1$450,6342$144,8632$48,3752$89,6643
Net income−$2.25M4−$2.15M5−$1.16M6−$3.19M6−$41,3216
Operating cash flow−$334,2817−$1.59M8−$599,3659−$1.06M9−$1.09M9
Capital expenditure$6,60010$45,50711$106,54412$35,74812$362,52612
Free cash flow (derived)−$340,8817−$1.63M8−$705,9099−$1.1M9−$1.45M9
Total debt—————
Cash & equivalents$4.8M13$1.36M14$499,65415$1.83M15$700,47915
Diluted shares11.7M11.7M13,34316,78830,374

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
$1,401.29
your share of equity
Profit it earned you last year
−$13.6
Free cash flow it threw off
−$477.34
Debt you’d be carrying
—

10 shares is a claim on $1,401.29 of net worth that earned you −$13.6 and generated −$477.34 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-60% avg · 5y
FY21 -82%FY22 -48%FY23 -27%FY24 -144%FY25 -0%

It earned an average -60% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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. 20-F · period ending 2021-12-31 · accession 0001410578-24-000556 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000719 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-12-31 · accession 0001104659-26-038521 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001410578-24-000556 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000719 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-038521 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001410578-24-000556 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000719 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-038521 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-24-000556 (PaymentsToAcquireProductiveAssets)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000719 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-038521 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-24-000556 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001410578-25-000719 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001104659-26-038521 (CashAndCashEquivalentsAtCarryingValue)