MeritValue

Vivakor, Inc.

VIVKdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Vivakor, Inc. earns about -87% on invested capital, and has bought back 97% 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$1.09M1$28.1M2$59.3M3$89.8M4$104.4M4
Net income−$7.26M5−$20.2M6−$10.8M7−$26.4M8−$110.2M8
Operating cash flow−$2.9M9−$4.14M10−$764,90211$1.81M12−$15.8M12
Capital expenditure$4.24M13$2.49M14$3.32M14——
Free cash flow (derived)−$7.14M9−$6.63M10−$4.09M11——
Total debt—————
Cash & equivalents$1.29M15$3.1M16$744,30717$651,02218$265,01918
Diluted shares12.0M18.1M19.3M152,285362,628

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
$1,139.26
your share of equity
Profit it earned you last year
−$3,039.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1,139.26 of net worth that earned you −$3,039.95 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-87% avg · 5y
FY21 -31%FY22 -124%FY23 -52%FY24 -17%FY25 -212%

It earned an average -87% 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
−97% shares · 5y

Share count is down 97% 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. 10-K · period ending 2021-12-31 · accession 0001829126-23-003752 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001829126-24-002582 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001829126-25-002687 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001829126-26-003530 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001829126-23-003752 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001829126-24-002582 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001829126-25-002687 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001829126-26-003530 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001829126-23-003752 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001829126-24-002582 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001829126-25-002687 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001829126-26-003530 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001829126-23-003752 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001829126-24-002582 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001829126-23-003752 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001829126-24-002582 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001829126-25-002687 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001829126-26-003530 (CashAndCashEquivalentsAtCarryingValue)