CuriosityStream Inc. (NASDAQ: CURI)

Sector: Communication Services Industry: Broadcasting CIK: 0001776909
Market Cap 195.74 Mn
P/B 8,589.14
P/E -35.89
P/S 2.94
ROIC (Qtr) -14.19
Div Yield % 2.48
Rev 1y % (Qtr) 45.66
Total Debt (Qtr) 3.57 Mn
Debt/Equity (Qtr) 0.08
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About

CuriosityStream Inc., under the ticker symbol CURI, operates in the media and entertainment industry, offering premium video and audio programming across various categories such as science, history, society, nature, lifestyle, and technology. The company was founded by John Hendricks, the creator of the Discovery Channel and former Chairman of Discovery Communications, with a mission to deliver informative, captivating, and inspiring factual entertainment. CuriosityStream's main business activities revolve around the creation, production, and distribution...

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Investment thesis

Bull case

  • Strong operating cash flow of 12.12M provides robust 3.40x coverage of total debt 3.57M, indicating excellent debt servicing capability and financial flexibility.
  • Strong tangible asset base of 46.61M provides 13.06x coverage of total debt 3.57M, indicating robust asset backing and low credit risk.
  • Robust free cash flow of 12.05M exceeds capital expenditure of 77000 by 156.44x, indicating strong organic growth funding capability.
  • Tangible assets of 46.61M provide exceptional 5.63x coverage of deferred revenue 8.28M, showing strong service capability backing.
  • Robust tangible asset base of 46.61M provides 3.20x coverage of working capital 14.55M, indicating strong operational backing.

Bear case

  • Operating cash flow of 12.12M barely covers its investment activities of 15.48M, with a coverage ratio of 0.78, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 12.12M provides thin coverage of dividend payments of (18.70M) with a -0.65 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Operating cash flow of 12.12M provides insufficient coverage of deferred revenue obligations of 8.28M, which is 1.46x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of 12.12M shows concerning coverage of stock compensation expenses of 11.89M, with a 1.02 ratio indicating potential earnings quality issues.
  • Operating cash flow of 12.12M provides minimal -40.96x coverage of tax expenses of (296000), suggesting potential tax planning inefficiencies or unsustainable tax positions.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Broadcasting
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NXST Nexstar Media Group, Inc. 8.26 Bn 23.87 1.67 6.40 Bn
2 TGNA Tegna Inc 4.06 Bn 7.22 1.41 2.59 Bn
3 SBGI Sinclair, Inc. 1.07 Bn 0.49 0.18 4.24 Bn
4 SSP E.W. SCRIPPS Co 0.81 Bn -7.98 0.35 2.74 Bn
5 IHRT iHeartMedia, Inc. 0.53 Bn -1.32 0.14 5.87 Bn
6 FUBO FuboTV Inc. 0.46 Bn 2.96 0.17 0.41 Bn
7 GTN Gray Media, Inc 0.23 Bn -7.34 0.80 5.68 Bn
8 NMAX Newsmax Inc. 0.20 Bn -2.81 1.18 0.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.58 0.87
EV to Cash from Ops. EV/CFO 15.87 -0.15
EV to Debt EV to Debt 53.90 6.39
EV to EBIT EV/EBIT -33.46 3.66
EV to EBITDA EV/EBITDA 24.92 3.24
EV to Free Cash Flow [EV/FCF] EV/FCF 15.97 7.40
EV to Market Cap EV to Market Cap 0.98 6.46
EV to Revenue EV/Rev 2.89 1.70
Price to Book Value [P/B] P/B 8,589.14 614.59
Price to Earnings [P/E] P/E -35.89 -1.43
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -0.29 -21.94
Dividend Payout Ratio % Div Payout % (Qtr) -361.10 114.41
Dividend per Basic Share Div per Share (Qtr) 0.30 0.74
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 144.23 23.53
Interest Coverage Int. cover (Qtr) 0.00 -1.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 19.60
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 45.87 18.99
Dividend Growth (1y) % Div 1y % (Qtr) 300.00 17.54
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 63.12 546.44
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 31.80 -17.28
EBIT Growth (1y) % EBIT 1y % (Qtr) 60.69 266.27
EBT Growth (1y) % EBT 1y % (Qtr) 60.69 -496.56
EPS Growth (1y) % EPS 1y % (Qtr) 67.86 -40.46
FCF Growth (1y) % FCF 1y % (Qtr) 367.99 25.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 44.83 3.01
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.89 0.48
Cash Payout Ratio Cash Payout (Qtr) 1.53 0.20
Cash Ratio Cash Ratio (Qtr) 0.60 0.41
Current Ratio Curr Ratio (Qtr) 1.62 1.64
Debt to Equity Ratio Debt/Equity (Qtr) 0.08 2.17
Interest Cover Ratio Int Coverage (Qtr) 0.00 -1.29
Times Interest Earned Times Interest Earned (Qtr) 0.00 -1.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 14.70 -11.99
EBIT Margin % EBIT Margin % (Qtr) -8.63 -20.47
EBT Margin % EBT Margin % (Qtr) -8.63 -27.40
Gross Margin % Gross Margin % (Qtr) 54.50 34.96
Net Profit Margin % Net Margin % (Qtr) -8.20 -28.49