Zedge, Inc. earns about 3% on invested capital, below its ~9% cost of capital, and has bought back 2% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $4.41 and $4.66 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $19.6M1 | $26.5M2 | $27.2M3 | $30.1M4 | $29.4M4 |
| Net income | $8.25M5 | $9.71M6 | −$6.1M7 | −$9.17M8 | −$2.39M8 |
| Operating cash flow | $10.1M9 | $11.5M10 | $3.16M11 | $5.85M12 | $3.42M12 |
| Capital expenditure | — | $45,00013 | $54,00014 | $47,00015 | $83,00015 |
| Free cash flow (derived) | — | $11.4M10,13 | $3.11M11,14 | $5.8M12,15 | $3.34M12,15 |
| Total debt | — | — | $1.99M16 | — | — |
| Cash & equivalents | $24.9M17 | $17.1M18 | $18.1M19 | $20M20 | $18.6M20 |
| Diluted shares | 14.0M | 14.9M | 14.1M | 14.1M | 13.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $18.86 of net worth that earned you −$1.74 and generated $2.43 of cash last year.
It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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.
The 2 estimate methods that apply put fair value between $4.41 and $4.66 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$3.34M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$3.34M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.66 |
| Base | 0.0% | $4.66 |
| Bull | 5.0% | $5.45 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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MeritValue on the App Store →- 10-K filed 2022-11-14 · period ending 2021-07-31 · accession 0001213900-22-072153 (Revenues)
- 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001213900-23-081544 (Revenues)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (Revenues)
- 10-K filed 2025-10-28 · periods ending 2024-07-31, 2025-07-31 · accession 0001213900-25-103098 (Revenues)
- 10-K filed 2022-11-14 · period ending 2021-07-31 · accession 0001213900-22-072153 (NetIncomeLoss)
- 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001213900-23-081544 (NetIncomeLoss)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (NetIncomeLoss)
- 10-K filed 2025-10-28 · periods ending 2024-07-31, 2025-07-31 · accession 0001213900-25-103098 (NetIncomeLoss)
- 10-K filed 2022-11-14 · period ending 2021-07-31 · accession 0001213900-22-072153 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001213900-23-081544 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-10-28 · periods ending 2024-07-31, 2025-07-31 · accession 0001213900-25-103098 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001213900-23-081544 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-10-28 · periods ending 2024-07-31, 2025-07-31 · accession 0001213900-25-103098 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (LongTermDebtNoncurrent)
- 10-K filed 2021-11-09 · period ending 2021-07-31 · accession 0001213900-21-057733 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001213900-23-081544 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001213900-24-091735 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-10-28 · periods ending 2024-07-31, 2025-07-31 · accession 0001213900-25-103098 (CashAndCashEquivalentsAtCarryingValue)