MeritValue

Boxlight Corp

BOXLdata completeness 100%11 fiscal years on file
The thesis, from the filings

Boxlight Corp earns about -17% on invested capital, and has bought back 99% 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$185.2M1$221.8M2$176.7M3$135.9M4$109.2M4
Net income−$13.8M5−$3.74M6−$39.2M7−$28.3M8−$23.8M8
Operating cash flow−$2.33M9$1.19M10$11.6M11−$439,00012−$3.34M12
Capital expenditure———$506,00013$102,00013
Free cash flow (derived)———−$945,00012−$3.44M12
Total debt$113.7M14$90.1M15$81.4M16$111.4M17$69.6M17
Cash & equivalents$17.9M18$14.6M19$17.3M20$8.01M21$9.37M21
Diluted shares58.8M8.6M1.9M326,439631,091

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
$19.89
your share of equity
Profit it earned you last year
−$377.28
Free cash flow it threw off
−$54.46
Debt you’d be carrying
$1,102.47

10 shares is a claim on $19.89 of net worth that earned you −$377.28 and generated −$54.46 of cash last year, against $1,102.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 -4%FY22 4%FY23 -26%FY24 -26%FY25 -32%

It earned an average -17% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 39% — 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001558370-23-004059 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-011246 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-015455 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004059 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-011246 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-015455 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004059 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-011246 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015455 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001558370-23-004059 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001628280-24-011246 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-25-015455 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-23-004059 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001628280-24-011246 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001628280-25-015455 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001628280-26-025273 (CashAndCashEquivalentsAtCarryingValue)