MeritValue

Aerkomm Inc.

AKOMdata completeness 88%20 fiscal years on file
The thesis, from the filings

Aerkomm Inc. earns about -177% on invested capital, but has diluted owners by 101% 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$3.25M1—$731,0902$1.34M3—
Net income−$9.38M4−$11.9M5−$23.8M6−$29.2M7−$18.3M7
Operating cash flow−$1.96M8−$11.9M9−$2.15M10−$5.65M11−$5.64M11
Capital expenditure$17,88912$458,99813$1.74M14$88,71715$16,48415
Free cash flow (derived)−$1.98M8−$12.4M9−$3.88M10−$5.74M11−$5.65M11
Total debt$58,77616$32,59616$5.72M17$7.15M18$9.87M19
Cash & equivalents$3.29M20$482,24721$7.43M22$109,22722$72,57922
Diluted shares9.6M9.9M11.7M18.2M19.4M

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
−$3.79
your share of equity
Profit it earned you last year
−$9.43
Free cash flow it threw off
−$2.92
Debt you’d be carrying
$5.09

10 shares is a claim on −$3.79 of net worth that earned you −$9.43 and generated −$2.92 of cash last year, against $5.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-177% avg · 5y
FY21 -24%FY22 -38%FY23 -84%FY24 -151%FY25 -590%

It earned an average -177% 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
+101% shares · 5y

Share count is up 101% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 16688% over the same window.

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 v0.5.0
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 0001213900-23-055610 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-077887 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-061993 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-055610 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-076149 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-077887 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-061993 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-055610 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-076149 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-077887 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-061993 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-055610 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-076149 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-077887 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-061993 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-055610 (LongTermDebtNoncurrent)
  17. 10-K/A · period ending 2023-12-31 · accession 0001213900-24-076149 (LongTermDebtCurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-061993 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001213900-26-061993 (ShortTermBorrowings)
  20. 10-K/A · period ending 2021-12-31 · accession 0001213900-24-076149 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-23-055610 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001213900-26-061993 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)