MeritValue

cbdMD, Inc.

YCBDdata completeness 88%10 fiscal years on file
The thesis, from the filings

cbdMD, Inc. earns about -132% on invested capital, and has bought back 93% 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$47.3M1$37.1M2$25.1M3$19.9M4$19.2M4
Net income−$23.4M5−$70.1M6−$22.9M7−$3.7M8−$2.04M8
Operating cash flow−$14.1M9−$15M10−$4.3M11−$352,79212−$1.45M12
Capital expenditure$342,01313$688,68014$297,54915$190,01516$184,17216
Free cash flow (derived)−$14.4M9−$15.7M10−$4.6M11−$542,80712−$1.64M12
Total debt$108,98517$125,49118$918——
Cash & equivalents$26.4M19$6.72M20$1.8M21$2.45M22$2.26M22
Diluted shares54.9M1.3M2.0M539,0694.0M

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
$17.96
your share of equity
Profit it earned you last year
−$5.07
Free cash flow it threw off
−$4.07
Debt you’d be carrying
—

10 shares is a claim on $17.96 of net worth that earned you −$5.07 and generated −$4.07 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-132% avg · 5y
FY21 -25%FY22 -223%FY23 -250%FY24 —FY25 -32%

It earned an average -132% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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 2021-09-30 · accession 0001437749-22-029136 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001437749-24-037840 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001437749-25-038435 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001437749-22-029136 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001437749-24-037840 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001437749-25-038435 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001437749-22-029136 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001437749-24-037840 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001437749-25-038435 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001437749-22-029136 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001437749-24-037840 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001437749-25-038435 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001437749-22-029136 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-09-30 · accession 0001437749-22-029136 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-09-30 · accession 0001437749-23-035228 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-09-30 · accession 0001437749-24-037840 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-09-30 · accession 0001437749-25-038435 (CashAndCashEquivalentsAtCarryingValue)