MeritValue

GIGAMEDIA Ltd

GIGMdata completeness 88%17 fiscal years on file
The thesis, from the filings

GIGAMEDIA Ltd earns about -30% on invested capital, with a roughly flat share count. 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$5.49M1$5.59M2$4.29M3$2.97M3$3.47M3
Net income−$3.43M4−$2.75M5−$3.4M6−$2.3M6−$1.55M6
Operating cash flow−$4.14M7−$2.51M8−$1.19M9−$2.33M9−$1.97M9
Capital expenditure$76,00010$52,00011$52,00012$46,00012$44,00012
Free cash flow (derived)−$4.21M7−$2.56M8−$1.25M9−$2.38M9−$2.02M9
Total debt—————
Cash & equivalents$41.5M13$38.8M14$38.5M15$34.8M16$28.7M16
Diluted shares11.1M11.1M11.1M11.1M11.1M

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
$33.52
your share of equity
Profit it earned you last year
−$1.41
Free cash flow it threw off
−$1.83
Debt you’d be carrying
—

10 shares is a claim on $33.52 of net worth that earned you −$1.41 and generated −$1.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 5y
FY21 -29%FY22 -22%FY23 -53%FY24 -33%FY25 -15%

It earned an average -30% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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. 20-F · period ending 2021-12-31 · accession 0000950170-24-049420 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-059532 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-188775 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-049420 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-059532 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-188775 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-049420 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-059532 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-188775 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-049420 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-059532 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-188775 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0000950170-23-015466 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0000950170-24-049420 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0000950170-25-059532 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001193125-26-188775 (CashAndCashEquivalentsAtCarryingValue)