MeritValue

Adeia Inc.

ADEAdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$391.2M1$438.9M2$388.8M3$376M3$443.4M3
Net income−$55.5M4−$295.9M5$67.4M6$64.6M6$111.1M6
Operating cash flow$234.8M7$183M8$152.8M9$212.5M9$158.1M9
Capital expenditure$14M10$12.6M11$3.81M12$1.82M12$1.81M12
Free cash flow (derived)$220.8M7$170.4M8$148.9M9$210.6M9$156.3M9
Total debt$1.53B13$1.46B14$1.17B15$950.9M16$836.9M16
Cash & equivalents$80.4M17$114.6M18$54.6M19$78.8M20$73.1M20
Diluted shares107.3M107.6M112.8M113.1M112.7M

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
You’d own
0.0000089%
of the whole company
Your share of last year’s profit
$9.85
Your share of its debt
$74.23
Your share of free cash flow
$13.86
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$11.97
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$156.3M
DCF · Growth Exit 5Y
$13.51
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$156.3M
Earnings Power Value
$6.04
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$64.6M
  • growthAssumed0.0%
Graham Number
$9.74
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $13.51

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-019362 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-023148 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076549 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-019362 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-023148 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076549 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-019362 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-023148 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076549 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-019362 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-023148 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076549 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005437 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-019362 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-023148 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076549 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-005437 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-019362 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-023148 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-076549 (CashAndCashEquivalentsAtCarryingValue)