MeritValue

Versant Media Group, Inc.

VSNTdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Versant Media Group, Inc. earns about 11% 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$7.45B1$7.06B1$6.69B1
Net income$1.54B2$1.36B2$930M2
Operating cash flow$2.43B3$2.21B3$2.02B3
Capital expenditure$56M4$54M4$167M4
Free cash flow (derived)$2.37B3$2.16B3$1.86B3
Total debt—$05$983M5
Cash & equivalents$23M6$8M7$55M7
Diluted shares———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 3y
FY23 13%FY24 13%FY25 8%

It earned an average 11% 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

Not enough history to read capital allocation.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 0002067876-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0002067876-26-000010 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0002067876-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0002067876-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0002067876-26-000010 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2023-12-31 · accession 0002067876-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 10-K · period ending 2024-12-31 · accession 0002067876-26-000010 (CashAndCashEquivalentsAtCarryingValue)