MeritValue

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

ASPSdata completeness 100%17 fiscal years on file
The thesis, from the filings

ALTISOURCE PORTFOLIO SOLUTIONS S.A. earns about -4% on invested capital, and has bought back 31% of its shares over 5 years. 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$178.5M1$153.1M2$145.1M3$160.1M4$171M4
Net income$12.1M5−$52.8M6−$56.1M7−$35.4M8$1.93M8
Operating cash flow−$60.4M9−$44.9M10−$21.8M11−$5.03M12−$5.07M12
Capital expenditure$1.38M13$863,00014$015$3,00016$69,00016
Free cash flow (derived)−$61.8M9−$45.8M10−$21.8M11−$5.03M12−$5.13M12
Total debt$487.3M17$491M18$431.2M19$461.1M20$382.2M20
Cash & equivalents$98.1M21$51M22$32.5M23$29.8M24$26.6M24
Diluted shares16.1M16.1M22.4M3.6M11.1M

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
−$99.59
your share of equity
Profit it earned you last year
$1.74
Free cash flow it threw off
−$4.64
Debt you’d be carrying
$345.33

10 shares is a claim on −$99.59 of net worth that earned you $1.74 and generated −$4.64 of cash last year, against $345.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 7%FY22 -8%FY23 -5%FY24 -9%FY25 -5%

It earned an average -4% 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
−31% shares · 5y

Share count is down 31% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 22% — deleveraging.

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
book value / share count 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 0001462418-23-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001462418-23-000024 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (ProfitLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001462418-23-000024 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001462418-23-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001462418-23-000024 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001462418-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001462418-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001462418-25-000057 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001462418-26-000019 (CashAndCashEquivalentsAtCarryingValue)