MeritValue

FOCUS UNIVERSAL INC.

FCUVdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FOCUS UNIVERSAL INC. earns about -101% on equity, and has bought back 98% 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$1.41M1$303,8372$986,6552$398,1373$255,0233
Net income−$3.22M4−$4.93M5−$4.72M6−$3.2M7−$4.79M7
Operating cash flow−$1.97M8−$2.96M9−$3.53M10−$4.66M11−$5.1M11
Capital expenditure$22,99012$42,18713$20,62014$18,68715$28,10615
Free cash flow (derived)−$1.99M8−$3M9−$3.55M10−$4.68M11−$5.13M11
Total debt—————
Cash & equivalents$8.68M16$4.34M17$428,25418$3.59M18$7.93M18
Diluted shares41.7M65.1M6.0M671,513742,201

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
$34.66
your share of equity
Profit it earned you last year
−$64.51
Free cash flow it threw off
−$69.13
Debt you’d be carrying
—

10 shares is a claim on $34.66 of net worth that earned you −$64.51 and generated −$69.13 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-101% avg · 5y
FY21 -25%FY22 -64%FY23 -133%FY24 -100%FY25 -186%

It earned an average -101% 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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001683168-22-001523 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001995 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-002503 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001683168-23-002065 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001683168-24-001995 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001683168-25-001278 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001683168-26-002503 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001683168-23-002065 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001683168-24-001995 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001683168-25-001278 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001683168-26-002503 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001683168-23-002065 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001683168-24-001995 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001683168-25-001278 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001683168-26-002503 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001683168-24-001995 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001683168-25-001278 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001683168-26-002503 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)