MeritValue

Cambium Networks Corp

CMBMFdata completeness 100%9 fiscal years on file
The thesis, from the filings

Cambium Networks Corp earns about -18% on invested capital, with a roughly flat share count. 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$335.9M1$296.9M1$226.8M2$177.3M3$159.6M3
Net income$37.4M4$20.2M4−$74.1M5−$74.5M6−$38.5M6
Operating cash flow$30M7−$3.05M7−$16.7M8−$15M9−$15.7M9
Capital expenditure$6.26M10$4.57M10$4.85M11$6.4M12$440,00012
Free cash flow (derived)$23.7M7−$7.63M7−$21.5M8−$21.4M9−$16.1M9
Total debt$58.9M13$55.2M14$50.2M15$135.3M16$132.8M16
Cash & equivalents———$34.9M17$11.3M17
Diluted shares28.6M28.0M27.5M28.1M28.8M

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
−$12.5
your share of equity
Profit it earned you last year
−$13.4
Free cash flow it threw off
−$5.61
Debt you’d be carrying
$46.15

10 shares is a claim on −$12.5 of net worth that earned you −$13.4 and generated −$5.61 of cash last year, against $46.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 5y
FY21 21%FY22 11%FY23 -38%FY24 -57%FY25 -26%

It earned an average -18% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 125% 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 v0.1.0
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 0000950170-24-032168 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-144057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-032168 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-144057 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-032168 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-144057 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-032168 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-144057 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004712 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-032168 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-144057 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-201759 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)