MeritValue

GCT Semiconductor Holding, Inc.

GCTSdata completeness 100%4 fiscal years on file
The thesis, from the filings

GCT Semiconductor Holding, Inc. earns about -42% on invested capital, but has diluted owners by 120% over 4 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 2022FY 2023FY 2024FY 2025
Revenue—$16M1$9.13M2$2.87M2
Net income$24.3M3−$22.5M4−$12.4M5−$43.4M5
Operating cash flow−$1.52M6−$8.83M7−$31M8−$30.7M8
Capital expenditure—$331,0009$542,00010$2.41M10
Free cash flow (derived)—−$9.16M7−$31.5M8−$33.1M8
Total debt—$158.4M11$85.2M12$125.2M12
Cash & equivalents$521,14913$258,00014$1.44M15$590,00015
Diluted shares—24.0M40.6M52.9M

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
−$15.75
your share of equity
Profit it earned you last year
−$8.2
Free cash flow it threw off
−$6.26
Debt you’d be carrying
$23.68

10 shares is a claim on −$15.75 of net worth that earned you −$8.2 and generated −$6.26 of cash last year, against $23.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-42% avg · 4y
FY22 —FY23 -29%FY24 -26%FY25 -70%

It earned an average -42% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+120% shares · 4y

Share count is up 120% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 21% — 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 2023-12-31 · accession 0000950170-25-044438 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000166 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-044438 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000166 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-044438 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-044438 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-044438 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000166 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-044438 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-124183 (CashAndCashEquivalentsAtCarryingValue)