MeritValue

Zoned Properties, Inc.

ZDPYdata completeness 100%14 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Zoned Properties, Inc. earns about -11% on invested capital, with a roughly flat share count. 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$1.26M1$864,3712$2.89M3$3.79M4$4.14M4
Net income−$165,8195−$574,3556−$540,2587$573,9588−$2.85M8
Operating cash flow$489,2579$871,90110$82,54711$578,21812$781,47612
Capital expenditure$2,62413$3,76414$1,07915$6,48016$850,00017
Free cash flow (derived)$486,6339$868,13710$81,46811$571,73812−$68,52412
Total debt———$7.19M18$7.69M19
Cash & equivalents$1.19M20$4.34M20$3.1M21$1.02M21$837,76721
Diluted shares12.2M12.2M12.2M12.5M12.1M

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
$2.54
your share of equity
Profit it earned you last year
−$2.37
Free cash flow it threw off
−$0.06
Debt you’d be carrying
$6.38

10 shares is a claim on $2.54 of net worth that earned you −$2.37 and generated −$0.06 of cash last year, against $6.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 -3%FY22 -24%FY23 3%FY24 -1%FY25 -29%

It earned an average -11% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$81,468
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$81,468
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 2021-12-31 · accession 0001213900-23-023414 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-026042 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001013762-25-004083 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-038510 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-023414 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-026042 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001013762-25-004083 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-038510 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-023414 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-026042 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001013762-25-004083 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-038510 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-023414 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-026042 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001013762-25-004083 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-038510 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2025-12-31 · accession 0001213900-26-038510 (PaymentsForCapitalImprovements)
  18. 10-K/A · period ending 2024-12-31 · accession 0001013762-25-004083 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001213900-26-038510 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-023414 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001213900-26-038510 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)