MeritValue

DUOS TECHNOLOGIES GROUP, INC.

DUOTdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

DUOS TECHNOLOGIES GROUP, INC. earns about -329% on equity, but has diluted owners by 313% 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$8.26M1$15M2$7.47M3$7.28M4$27M4
Net income−$6.01M5−$6.86M6−$11.2M7−$10.8M8−$9.84M8
Operating cash flow−$6.58M9−$7.87M10−$8.75M11−$3.49M12−$13.7M12
Capital expenditure$545,50513$344,91514$496,68615$1.83M16$23.7M16
Free cash flow (derived)−$7.12M9−$8.22M10−$9.24M11−$5.32M12−$37.4M12
Total debt—————
Cash & equivalents$893,72017$1.12M18$2.44M19$6.27M19$15.5M19
Diluted shares3.7M6.2M7.2M7.7M15.3M

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
$31.81
your share of equity
Profit it earned you last year
−$6.44
Free cash flow it threw off
−$24.51
Debt you’d be carrying
—

10 shares is a claim on $31.81 of net worth that earned you −$6.44 and generated −$24.51 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-329% avg · 5y
FY21 -769%FY22 -169%FY23 -209%FY24 -476%FY25 -20%

It earned an average -329% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+313% shares · 5y

Share count is up 313% 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 v0.1.0
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 0001553350-23-000241 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001079973-24-000473 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001079973-25-000555 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001079973-26-000405 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001553350-23-000241 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001079973-24-000473 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001079973-25-000555 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001079973-26-000405 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001553350-23-000241 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001079973-24-000473 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001079973-25-000555 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001079973-26-000405 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001553350-23-000241 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001079973-24-000473 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001079973-25-000555 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001079973-26-000405 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001079973-24-000473 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001079973-25-000555 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001079973-26-000405 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)