MeritValue

3D SYSTEMS CORP

DDDdata completeness 100%17 fiscal years on file
The thesis, from the filings

3D SYSTEMS CORP earns about -19% on invested capital, but has diluted owners by 39% 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$615.6M1$538M2$488.1M3$440.1M3$386.9M3
Net income$322.1M4−$122.7M5−$362.7M6−$255.6M6$29.9M6
Operating cash flow$48.1M7−$70M8−$80.7M9−$44.9M9−$87.8M9
Capital expenditure$18.8M10$20.9M11$27.2M12$16.1M12$9.94M12
Free cash flow (derived)$29.4M7−$90.9M8−$107.9M9−$61M9−$97.8M9
Total debt$446.9M13$449.5M14$319.4M15$212M16$90.3M16
Cash & equivalents$789.7M17$388.1M18$331.5M19$171.3M19$95.6M19
Diluted shares126.3M127.8M129.9M131.9M175.5M

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
$13.69
your share of equity
Profit it earned you last year
$1.7
Free cash flow it threw off
−$5.57
Debt you’d be carrying
$5.15

10 shares is a claim on $13.69 of net worth that earned you $1.7 and generated −$5.57 of cash last year, against $5.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 64%FY22 -12%FY23 -69%FY24 -91%FY25 15%

It earned an average -19% 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
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 80% — 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
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
$2.42
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000910638-24-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000910638-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-015997 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000910638-24-000030 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000910638-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-015997 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000910638-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000910638-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-015997 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000910638-24-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000910638-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-015997 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000910638-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000910638-24-000030 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000910638-25-000005 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-015997 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000910638-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000910638-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-26-015997 (CashAndCashEquivalentsAtCarryingValue)