MeritValue

FiEE, Inc.

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

FiEE, Inc. earns about -18% on invested capital, below its ~9% cost of capital, and has bought back 82% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $9.08 and $9.82 a share.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$55.4M1$50.6M2$26.1M2$639,8933$6.19M3
Net income−$2.2M4−$15.5M5−$17.6M5−$4.22M6$1.07M6
Operating cash flow−$14.3M7−$12.2M8$4.85M9−$3.77M10$3.64M10
Capital expenditure$593,12011$276,66512$162,27013—$186,09514
Free cash flow (derived)−$14.9M7−$12.4M8$4.69M9—$3.45M10
Total debt$34,23715————
Cash & equivalents$12.6M16$530,11017$709,32217$30,16218$3.08M18
Diluted shares39.8M1.9M2.0M3.2M7.1M

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
$9.31
your share of equity
Profit it earned you last year
$1.51
Free cash flow it threw off
$4.87
Debt you’d be carrying
—

10 shares is a claim on $9.31 of net worth that earned you $1.51 and generated $4.87 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 5y
FY21 -8%FY22 -75%FY23 —FY24 —FY25 31%

It earned about -18% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−82% shares · 5y

Share count is down 82% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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

The 2 estimate methods that apply put fair value between $9.08 and $9.82 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$9.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$3.45M
DCF · Growth Exit 5Y
$9.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$3.45M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.45
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $9.08
The three cases
Bear0.0%$7.4
Base5.0%$9.08
Bull10.0%$11.1

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001829126-25-005429 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001829126-26-002591 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001829126-25-005429 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001829126-26-002591 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001829126-24-002449 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001829126-25-002538 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001829126-26-002591 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001829126-24-002449 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001829126-25-002538 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001829126-26-002591 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (LongTermDebtCurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010335 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001829126-25-005429 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001829126-26-002591 (CashAndCashEquivalentsAtCarryingValue)