MeritValue

DATA I/O CORP

DAIOdata completeness 88%16 fiscal years on file
The thesis, from the filings

DATA I/O CORP earns about -21% on invested capital, but has diluted owners by 9% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$25.8M1$24.2M2$28.1M3$21.8M4$21.5M4
Net income−$555,0005−$1.12M6$486,0007−$3.09M8−$5.24M8
Operating cash flow$1.41M9−$1.05M10$2.43M11−$995,00012−$2.23M12
Capital expenditure$623,00013$1.08M14$1.2M15$467,00016$558,00016
Free cash flow (derived)$787,0009,13−$2.13M10,14$1.23M11,15−$1.46M12,16−$2.79M12,16
Total debt—————
Cash & equivalents$14.2M17$11.5M17$12.3M18$10.3M18$7.9M18
Diluted shares8.5M8,7419.1M9.2M9.3M

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
$14.49
your share of equity
Profit it earned you last year
−$5.61
Free cash flow it threw off
−$2.99
Debt you’d be carrying
—

10 shares is a claim on $14.49 of net worth that earned you −$5.61 and generated −$2.99 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY21 -6%FY22 -5%FY23 6%FY24 -29%FY25 -70%

It earned an average -21% 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
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2023-03-30 · period ending 2021-12-31 · accession 0001654954-23-003841 (Revenues)
  2. 10-K filed 2024-03-27 · period ending 2022-12-31 · accession 0001654954-24-003750 (Revenues)
  3. 10-K filed 2025-04-01 · period ending 2023-12-31 · accession 0001654954-25-003717 (Revenues)
  4. 10-K filed 2026-04-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001654954-26-003625 (Revenues)
  5. 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001654954-23-003841 (NetIncomeLoss)
  6. 10-K filed 2024-03-27 · period ending 2022-12-31 · accession 0001654954-24-003750 (NetIncomeLoss)
  7. 10-K filed 2025-04-01 · period ending 2023-12-31 · accession 0001654954-25-003717 (NetIncomeLoss)
  8. 10-K filed 2026-04-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001654954-26-003625 (NetIncomeLoss)
  9. 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001654954-23-003841 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-27 · period ending 2022-12-31 · accession 0001654954-24-003750 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-04-01 · period ending 2023-12-31 · accession 0001654954-25-003717 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-04-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001654954-26-003625 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001654954-23-003841 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2024-03-27 · period ending 2022-12-31 · accession 0001654954-24-003750 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2025-04-01 · period ending 2023-12-31 · accession 0001654954-25-003717 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2026-04-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001654954-26-003625 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2023-03-30 · periods ending 2021-12-31, 2022-12-31 · accession 0001654954-23-003841 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2026-04-16 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001654954-26-003625 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)