MeritValue

Venu Holding Corp

VENUdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Venu Holding Corp earns about -18% on invested capital. 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 2023FY 2024FY 2025
Revenue$12.6M1$17.8M2$17.9M2
Net income−$10.5M3−$30.3M4−$44.1M4
Operating cash flow−$4.88M5$3.76M6$7.65M6
Capital expenditure$31.2M7$72.5M8$141.7M8
Free cash flow (derived)−$36M5−$68.7M6−$134M6
Total debt$11.5M9$51.3M10$115.4M10
Cash & equivalents———
Diluted shares011.6M40.0M

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
$30.7
your share of equity
Profit it earned you last year
−$11.03
Free cash flow it threw off
−$33.52
Debt you’d be carrying
$28.87

10 shares is a claim on $30.7 of net worth that earned you −$11.03 and generated −$33.52 of cash last year, against $28.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 3y
FY23 -21%FY24 -17%FY25 -17%

It earned an average -18% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Total debt has risen 903% over the same window.

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 · period ending 2023-12-31 · accession 0001641172-25-001676 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014137 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001676 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014137 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001676 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014137 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001676 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014137 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001676 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-014137 (LongTermDebtNoncurrent)