MeritValue

GEOSPACE TECHNOLOGIES CORP

GEOSdata completeness 100%17 fiscal years on file
The thesis, from the filings

GEOSPACE TECHNOLOGIES CORP earns about -5% on invested capital, and has bought back 4% 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$75.9M1$89.3M2$124.5M3$135.6M4$110.8M4
Net income−$14.1M5−$22.9M6$12.2M7−$6.58M8−$9.72M8
Operating cash flow−$7.17M9−$10M10$15.6M11−$9.08M12−$22.2M12
Capital expenditure$3.19M13$1.13M14$3.96M15$3.86M16$7.97M16
Free cash flow (derived)−$10.4M9−$11.2M10$11.6M11−$12.9M12−$30.2M12
Total debt—$017$018$019$019
Cash & equivalents$14.1M20$16.1M21$18.8M22$6.9M23$26.3M23
Diluted shares13.4M13.0M13.2M13.2M12.8M

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
$98.11
your share of equity
Profit it earned you last year
−$7.6
Free cash flow it threw off
−$23.61
Debt you’d be carrying
$0

10 shares is a claim on $98.11 of net worth that earned you −$7.6 and generated −$23.61 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 -8%FY22 -17%FY23 11%FY24 -4%FY25 -7%

It earned an average -5% 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
−4% shares · 5y

Share count is down 4% 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 2021-09-30 · accession 0000950170-22-025429 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0000950170-22-025429 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0000950170-22-025429 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0000950170-22-025429 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (LongTermDebt)
  18. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (LongTermDebt)
  19. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (LongTermDebt)
  20. 10-K · period ending 2021-09-30 · accession 0000950170-22-025429 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-09-30 · accession 0001437749-23-032446 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-09-30 · accession 0001437749-24-036050 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-09-30 · accession 0001437749-25-036009 (CashAndCashEquivalentsAtCarryingValue)