MeritValue

ASTROTECH Corp

ASTCdata completeness 75%15 fiscal years on file
The thesis, from the filings

ASTROTECH Corp earns about -26% on invested capital, and has bought back 92% 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$334,0001$869,0002$750,0003$1.66M4$1.05M4
Net income−$7.6M5−$8.33M6−$9.64M7−$11.7M8−$13.9M8
Operating cash flow−$7.4M9−$6.79M10−$7.63M11−$9.73M12−$13M12
Capital expenditure$211,00013$596,00014$1.84M15$579,00016$833,00016
Free cash flow (derived)−$7.61M9−$7.39M10−$9.47M11−$10.3M12−$13.8M12
Total debt—————
Cash & equivalents$35.9M17————
Diluted shares22.0M1.6M1.6M1.6M1.7M

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
Net assets behind them
$132.73
your share of equity
Profit it earned you last year
−$83.18
Free cash flow it threw off
−$82.79
Debt you’d be carrying
—

10 shares is a claim on $132.73 of net worth that earned you −$83.18 and generated −$82.79 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY21 -24%FY22 -12%FY23 -17%FY24 -26%FY25 -50%

It earned an average -26% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-06-30 · accession 0001437749-22-022502 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-23-027063 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001437749-24-029650 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001437749-25-029909 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001437749-22-022502 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-23-027063 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001437749-24-029650 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001437749-25-029909 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001437749-22-022502 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001437749-23-027063 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001437749-24-029650 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001437749-25-029909 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001437749-22-022502 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001437749-23-027063 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001437749-24-029650 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-029909 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001564590-21-048370 (CashAndCashEquivalentsAtCarryingValue)