MeritValue

Vertical Data Inc.

VDTAdata completeness 75%1 fiscal years on file

Data notes: no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Vertical Data Inc. earns about -1130% 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.

i. The business — what you’d actually own
FigureFY 2025
Revenue$3.67M1
Net income−$3.82M2
Operating cash flow−$1.45M3
Capital expenditure$4594
Free cash flow (derived)−$1.45M3
Total debt—
Cash & equivalents—
Diluted shares40.6M

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
$0.07
your share of equity
Profit it earned you last year
−$0.94
Free cash flow it threw off
−$0.36
Debt you’d be carrying
—

10 shares is a claim on $0.07 of net worth that earned you −$0.94 and generated −$0.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1130% avg · 1y
FY25 -1130%

It earned an average -1130% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
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 2025-09-30 · accession 0001493152-25-029443 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-09-30 · accession 0001493152-25-029443 (NetIncomeLoss)
  3. 10-K · period ending 2025-09-30 · accession 0001493152-25-029443 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2025-09-30 · accession 0001493152-25-029443 (PaymentsToAcquirePropertyPlantAndEquipment)