MeritValue

Arteris, Inc.

AIPdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Arteris, Inc. earns about -120% on equity, but has diluted owners by 92% over 5 years — worth asking whether the growth reaches owners. 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$37.9M1$50.4M2$53.7M3$57.7M4$70.6M4
Net income−$23.4M5−$27.4M6−$36.9M7−$33.6M8−$34.7M8
Operating cash flow−$814,0009−$6.77M10−$15.7M11−$720,00012$6.73M12
Capital expenditure$808,00013$1.05M14$1.5M15$324,00016$1.39M16
Free cash flow (derived)−$1.62M9−$7.82M10−$17.2M11−$1.04M12$5.35M12
Total debt—————
Cash & equivalents$85.8M17$37.4M18$13.7M19$13.7M20$33.9M20
Diluted shares22.0M32.6M35.7M38.9M42.3M

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
−$3.46
your share of equity
Profit it earned you last year
−$8.22
Free cash flow it threw off
$1.26
Debt you’d be carrying
—

10 shares is a claim on −$3.46 of net worth that earned you −$8.22 and generated $1.26 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-120% avg · 5y
FY21 -44%FY22 -73%FY23 -244%FY24 —FY25 —

It earned an average -120% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+92% shares · 5y

Share count is up 92% over 5 years — owners have been diluted. Worth asking what they got for it.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 0001667011-23-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001667011-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001667011-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-007726 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001667011-23-000009 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001667011-24-000010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001667011-25-000010 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-007726 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001667011-23-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001667011-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001667011-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-007726 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001667011-23-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001667011-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001667011-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-007726 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001667011-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001667011-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001667011-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-007726 (CashAndCashEquivalentsAtCarryingValue)