MeritValue

DSS, INC.

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

DSS, INC. earns about -37% on invested capital, and has bought back 83% 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$20.3M1$28.4M2$25.9M3$19.1M4$20.8M4
Net income−$33.1M5−$59.8M6−$60.6M7−$46.9M8−$23.9M8
Operating cash flow−$9.01M9−$27M10−$19.2M11−$8.76M12−$9.13M12
Capital expenditure$14.3M13$1.86M14$818,00015$133,00015—
Free cash flow (derived)−$23.3M9−$28.8M10−$20M11−$8.89M12—
Total debt$59.6M16$57.3M17$110.5M18$59.6M19$50.4M19
Cash & equivalents$56.6M20$16.2M21$6.62M22$11.4M23$6.21M23
Diluted shares51.5M5.6M7.0M7.7M9.0M

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
−$0.93
your share of equity
Profit it earned you last year
−$26.61
Free cash flow it threw off
—
Debt you’d be carrying
$56.11

10 shares is a claim on −$0.93 of net worth that earned you −$26.61 last year, against $56.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY21 -19%FY22 -20%FY23 -35%FY24 -62%FY25 -50%

It earned an average -37% 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
−83% shares · 5y

Share count is down 83% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 15% — 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
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 0001493152-23-010334 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014231 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010334 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014231 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010334 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014231 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010334 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010334 (LongTermDebtNoncurrent)
  17. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-014231 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-010334 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-042100 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-001576 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-014231 (CashAndCashEquivalentsAtCarryingValue)