Vemanti Group, Inc.

VMNTdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Vemanti Group, Inc. earns about -192% on invested capital, but has diluted owners by 5% over 4 years — worth asking whether the growth reaches owners. 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

Figure	FY 2020	FY 2021	FY 2022	FY 2023
Revenue	$162,292¹	$147,950²	$138,731³	$123,056³
Net income	−$76,876⁴	−$1.63M⁵	−$1.04M⁶	−$1.5M⁶
Operating cash flow	−$75,312⁷	−$477,557⁸	−$381,811⁹	−$371,105⁹
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$243,494¹⁰	$295,937¹¹	$257,512¹¹	$136,407¹²
Diluted shares	69.0M	69.7M	70.4M	72.3M

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

Net assets behind them

−$0.02

your share of equity

Profit it earned you last year

−$0.21

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.02 of net worth that earned you −$0.21 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-192% avg · 4y

FY20 -18%FY21 —FY22 -365%FY23 —

It earned an average -192% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+5% shares · 4y

Share count is up 5% over 4 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2020-12-31 · accession 0001477932-22-001600 (Revenues)
10-K · period ending 2021-12-31 · accession 0001477932-23-001945 (Revenues)
10-K · period ending 2022-12-31 · accession 0001477932-24-001509 (Revenues)
10-K · period ending 2020-12-31 · accession 0001477932-22-001600 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001477932-23-001945 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001477932-24-001509 (NetIncomeLoss)
10-K · period ending 2020-12-31 · accession 0001477932-22-001600 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001477932-23-001945 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001477932-24-001509 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2020-12-31 · accession 0001477932-22-001600 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2021-12-31 · accession 0001477932-23-001945 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001477932-24-001509 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)