| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | 1 | — | — | — | — | — | 1 | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 14.62 | 12.79 | 2.01 | 2.38 |
| Receivables | 9.54 | 3.00 | 4.05 | 1.83 |
| Inventory | 9.05 | 1.78 | 0.34 | 0.25 |
| Other | — | — | — | — |
| 33.37 | 17.87 | 6.98 | 4.86 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 7.49 | 4.12 | 10.34 | 10.98 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | 1.11 |
| 12.71 | 6.06 | 18.19 | 26.16 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 15.98 | 16.20 | — | — |
—
|
| ’25 | 10.58 | 11.52 | 18.68 | 16.19 |
56.96
|
| ’24 | 31.43 | 15.09 | 4.77 | 9.60 |
60.88
|
| ’23 | 34.78 | 35.89 | 34.16 | 32.32 |
137.14
|
| ’22 | 21.14 | 28.01 | 36.17 | 36.23 |
121.54
|
| ’21 | 10.99 | 11.38 | 14.54 | 14.16 |
51.06
|
| ’20 | 15.79 | 14.51 | 12.80 | 11.30 |
54.41
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (4.55) | (2.63) | — | — |
—
|
| ’25 | (6.96) | (6.12) | (4.65) | (3.56) |
(21.29)
|
| ’24 | 4.04 | (4.13) | (13.32) | (7.90) |
(21.31)
|
| ’23 | 2.87 | (2.64) | 8.11 | 1.96 |
10.29
|
| ’22 | (3.32) | 0.18 | (0.80) | 4.74 |
0.79
|
| ’21 | (3.44) | (1.42) | (2.29) | (8.14) |
(15.29)
|
| ’20 | (1.04) | (1.19) | (1.15) | (0.95) |
(4.33)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (4.55) | (2.63) | — | — |
—
|
| ’25 | (6.96) | (6.12) | (4.65) | (3.58) |
(21.31)
|
| ’24 | 4.04 | (4.13) | (13.32) | (8.42) |
(21.83)
|
| ’23 | 2.71 | (2.77) | 8.11 | 1.96 |
10.01
|
| ’22 | (3.33) | (0.12) | (0.80) | 3.97 |
(0.29)
|
| ’21 | (3.44) | (1.46) | (2.29) | (8.14) |
(15.34)
|
| ’20 | (1.05) | (1.19) | (1.15) | (0.95) |
(4.33)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.51) | 0.05 | — | — |
—
|
| ’25 | (0.38) | (0.36) | (0.38) | (0.69) |
(1.80)
|
| ’24 | 0.07 | (0.66) | (0.73) | (1.02) |
(2.39)
|
| ’23 | 0.31 | 0.40 | 0.49 | 0.19 |
1.38
|
| ’22 | (0.10) | (0.07) | (0.12) | 0.25 |
(0.05)
|
| ’21 | (0.04) | 0.00 | (0.51) | (0.88) |
(3.09)
|
| ’20 | — | (1.14) | (1.09) | (1.08) |
(5.02)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 1.76 | 3.88 | 1.33 | 1.05 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 7.61 | 8.33 | 9.23 | 3.47 | — | — | — |
High Price
|
| — | — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 20 | 22 | 130 | 125 | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.08 | 6.23 | 0.47 | 0.46 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 121.54 | 137.14 | 60.88 | 56.96 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.08% | 25.99% | (23.53%) | (18.59%) | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.55) | 18.38 | (43.07) | (36.07) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.46%) | 13.40% | (70.74%) | (63.32%) | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.55) | 20.64 | (45.94) | (36.07) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.10 | 1.11 | 2.16 | 5.17 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.81 | 9.62 | 3.18 | 2.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.05) | 1.45 | (2.39) | (1.80) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.06 | 0.72 | (1.11) | (1.06) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.09) | (0.02) | (0.03) | 0.00 | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.02) | 0.70 | (1.14) | (1.06) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.41 | 1.99 | 0.80 | (0.77) | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.40 | 14.26 | 19.12 | 20.09 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 4.90 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | 0.74 | 0.56 | 0.59 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 16.08 | 3.56 | 2.23 | 0.00 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | 0.64 | 0.40 | 0.66 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 876.23 | 8.76 | (1.10) | (1.73) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.79 | 10.29 | (21.31) | (21.29) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.09) | (0.28) | (0.52) | (0.02) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.29) | 10.01 | (21.83) | (21.31) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.10 | 20.66 | 11.81 | (11.21) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.71 | 0.46 | 2.34 | 5.63 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | (14.16) | (10.45) | 3.62 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.12 | 28.40 | 15.26 | (15.40) | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.54%) | 54.31% | (138.78%) | (222.02%) | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 6.84% | 82.79% | (565.13%) | 0.00% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.71%) | 123.01% | (209.45%) | 51,089.09% | — | — | — |
ROE
|
SurgePays (SURG), a microcap fintech play in prepaid wireless services, has delivered a rollercoaster ride: revenues exploded 18x from 2016 peaks to $137 million in 2023, fueled by carrier partnerships and operational efficiency, only to crater 56% to $61 million in 2024 amid negative gross margins and demand erosion. Profitability flickered with a rare $21 million gain in 2023 (54% ROA) before swinging to a $46 million loss, as free cash flow per share flipped negative and revenue per share halved—exposing cracks from dilution, carrier fee hikes, and competition in a commoditized space.
The balance sheet shows tamed debt and a net cash position, but relentless share dilution (quadrupling outstanding shares) has eroded book value 60%, decoupling stock highs (70x current levels in 2018) from fundamentals. Insiders signal mild optimism with modest buys post-crash, yet analysts unanimously tout 1000% upside on a 2026 revenue rebound to $97 million and profitability—pricing in dirt-cheap 0.4x EV/sales.
Contrarians smell groupthink: yo-yo forecasts, regulatory risks, and history of post-boom fades warn of more pain in 2025 before any gain. Is SURG a beaten-down bargain or a dilution trap? Dive into the full analysis for the metrics that matter.
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