MeritValue

Genasys Inc.

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

Genasys Inc. earns about -67% on invested capital, but has diluted owners by 27% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$47M1$54M2$46.7M3$24M4$40.8M4
Net income$704,0005−$16.2M6−$18.4M7−$31.7M8−$18.1M8
Operating cash flow$6.15M9$468,00010−$9.59M11−$19.5M12−$8.76M12
Capital expenditure$208,00013$381,00014$239,00015$191,00016$255,00016
Free cash flow (derived)$5.94M9$87,00010−$9.83M11−$19.6M12−$9.02M12
Total debt$296,00017$017———
Cash & equivalents$13.2M18$12.7M19$8.67M20$4.95M21$7.97M21
Diluted shares35.6M36.5M36.9M44.3M45.1M

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
$0.48
your share of equity
Profit it earned you last year
−$4.02
Free cash flow it threw off
−$2
Debt you’d be carrying
—

10 shares is a claim on $0.48 of net worth that earned you −$4.02 and generated −$2 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-67% avg · 5y
FY21 1%FY22 -32%FY23 -35%FY24 -201%FY25 —

It earned an average -67% 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
+27% shares · 5y

Share count is up 27% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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 2021-09-30 · accession 0001437749-22-029275 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001437749-23-033895 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0000950170-24-136163 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001193125-25-319294 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001437749-22-029275 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001437749-23-033895 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0000950170-24-136163 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001193125-25-319294 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001437749-22-029275 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001437749-23-033895 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0000950170-24-136163 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001193125-25-319294 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001437749-22-029275 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001437749-23-033895 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0000950170-24-136163 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001193125-25-319294 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001437749-22-029275 (LongTermDebt)
  18. 10-K · period ending 2021-09-30 · accession 0001437749-22-029275 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-09-30 · accession 0001437749-23-033895 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-09-30 · accession 0000950170-24-136163 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-09-30 · accession 0001193125-25-319294 (CashAndCashEquivalentsAtCarryingValue)