MeritValue

WhiteFiber, Inc.

WYFIdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

WhiteFiber, Inc. earns about -2% on invested capital, but has diluted owners by 17% over 2 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
FigureFY 2024FY 2025
Revenue$47.1M1$77.7M1
Net income$1.37M2−$24.7M2
Operating cash flow$18.7M3$45.7M3
Capital expenditure$79M4$268.4M4
Free cash flow (derived)−$60.3M3−$222.7M3
Total debt—$20M5
Cash & equivalents$11.7M6$114.4M6
Diluted shares27.0M31.6M

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
$152.75
your share of equity
Profit it earned you last year
−$7.81
Free cash flow it threw off
−$70.52
Debt you’d be carrying
$6.33

10 shares is a claim on $152.75 of net worth that earned you −$7.81 and generated −$70.52 of cash last year, against $6.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 2y
FY24 1%FY25 -5%

It earned an average -2% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+17% shares · 2y

Share count is up 17% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 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 2024-12-31 · accession 0001213900-26-034341 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-034341 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-034341 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-034341 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2025-12-31 · accession 0001213900-26-034341 (ShortTermBorrowings)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-034341 (CashAndCashEquivalentsAtCarryingValue)