MeritValue

COMTECH TELECOMMUNICATIONS CORP /DE/

CMTLdata completeness 88%18 fiscal years on file
The thesis, from the filings

COMTECH TELECOMMUNICATIONS CORP /DE/ earns about -69% on invested capital, but has diluted owners by 13% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$486.2M1$550M2$540.4M2$300.9M3$249.6M3
Net income−$33.1M4−$26.9M5−$100M5−$155.3M6−$36.2M6
Operating cash flow$2M7−$4.43M8−$54.5M8−$8.29M9$37.4M9
Capital expenditure$19.6M10$18.3M11$13.1M11$8.23M12$15.2M12
Free cash flow (derived)−$17.6M7,10−$22.7M8,11−$67.6M8,11−$16.5M9,12$22.2M9,12
Total debt$130M13,14$164.4M15,16$174.5M15,16$4.05M17—
Cash & equivalents$21.7M18$19M19$32.4M20$35.4M21$35M21
Diluted shares26.5M28.0M28.8M29.4M29.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$13.04
your share of equity
Profit it earned you last year
−$12.12
Free cash flow it threw off
$7.43
Debt you’d be carrying
—

10 shares is a claim on $13.04 of net worth that earned you −$12.12 and generated $7.43 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-69% avg · 5y
FY22 -4%FY23 -2%FY24 -14%FY25 29%FY26 -351%

It earned an average -69% 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
+13% shares · 5y

Share count is up 13% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 97% — 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2024-10-30 · period ending 2022-07-31 · accession 0000023197-24-000104 (Revenues)
  2. 10-K filed 2025-11-10 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-25-000080 (Revenues)
  3. 10-K filed 2026-10-14 · periods ending 2025-07-31, 2026-07-31 · accession 0000023197-26-000114 (Revenues)
  4. 10-K filed 2024-10-30 · period ending 2022-07-31 · accession 0000023197-24-000104 (NetIncomeLoss)
  5. 10-K filed 2025-11-10 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-25-000080 (NetIncomeLoss)
  6. 10-K filed 2026-10-14 · periods ending 2025-07-31, 2026-07-31 · accession 0000023197-26-000114 (NetIncomeLoss)
  7. 10-K filed 2024-10-30 · period ending 2022-07-31 · accession 0000023197-24-000104 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-11-10 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-25-000080 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-10-14 · periods ending 2025-07-31, 2026-07-31 · accession 0000023197-26-000114 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-10-30 · period ending 2022-07-31 · accession 0000023197-24-000104 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-11-10 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-25-000080 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-10-14 · periods ending 2025-07-31, 2026-07-31 · accession 0000023197-26-000114 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000023197-23-000048 (LongTermDebtNoncurrent)
  14. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000023197-23-000048 (LongTermDebtCurrent)
  15. 10-K filed 2024-10-30 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-24-000104 (LongTermDebtNoncurrent)
  16. 10-K filed 2024-10-30 · periods ending 2023-07-31, 2024-07-31 · accession 0000023197-24-000104 (LongTermDebtCurrent)
  17. 10-K filed 2025-11-10 · period ending 2025-07-31 · accession 0000023197-25-000080 (LongTermDebtCurrent)
  18. 10-K filed 2023-10-12 · period ending 2022-07-31 · accession 0000023197-23-000048 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2024-10-30 · period ending 2023-07-31 · accession 0000023197-24-000104 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2025-11-10 · period ending 2024-07-31 · accession 0000023197-25-000080 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2026-10-14 · periods ending 2025-07-31, 2026-07-31 · accession 0000023197-26-000114 (CashAndCashEquivalentsAtCarryingValue)