MeritValue

URBAN ONE, INC.

UONEdata completeness 100%17 fiscal years on file
The thesis, from the filings

URBAN ONE, INC. earns about -2% on invested capital, and has bought back 92% of its shares over 5 years. The applicable estimate puts fair value near $4.76 a share.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$440.3M1$484.6M2$477.7M3$449.7M4$374.4M4
Net income$36.8M5$34.3M6$2.05M7−$105.4M8−$146.9M8
Operating cash flow$80.2M9$66.5M10$64.6M11$37.5M12$4.16M12
Capital expenditure$6.29M13$6.76M14$7.68M15$7.23M16$10.1M16
Free cash flow (derived)$73.9M9$59.8M10$57M11$30.3M12−$5.91M12
Total debt$1.65B17$1.49B18$1.43B19$1.16B20$869.5M20
Cash & equivalents$132.2M21$75.4M22$233.1M23$137.1M24$25.5M24
Diluted shares54.1M52.2M50.2M4.7M4.5M

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
$55.18
your share of equity
Profit it earned you last year
−$329.43
Free cash flow it threw off
−$13.26
Debt you’d be carrying
$1,950.25

10 shares is a claim on $55.18 of net worth that earned you −$329.43 and generated −$13.26 of cash last year, against $1,950.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 5%FY22 5%FY23 3%FY24 -6%FY25 -15%

It earned an average -2% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 47% — deleveraging.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$30.3M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$30.3M
Earnings Power Value
$4.76
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.05M
  • growthAssumed0.0%
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 0001558370-23-011650 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-011650 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-011650 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-011650 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-011650 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001558370-23-011650 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001558370-24-009018 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001041657-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001041657-26-000016 (CashAndCashEquivalentsAtCarryingValue)