MeritValue

GoPro, Inc.

GPROdata completeness 100%14 fiscal years on file
The thesis, from the filings

GoPro, Inc. earns about -26% on invested capital, and has bought back 3% 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$1.16B1$1.09B2$1.01B3$801.5M3$651.5M3
Net income$371.2M4$28.8M5−$53.2M6−$432.3M6−$93.5M6
Operating cash flow$229.2M7$5.75M8−$32.9M9−$125.1M9−$20.7M9
Capital expenditure$5.55M10$3.45M11$1.52M12$4.04M12$3.36M12
Free cash flow (derived)$223.6M7$2.3M8−$34.4M9−$129.2M9−$24M9
Total debt$233.7M13$141M14$92.6M15$93.2M16$63.9M16
Cash & equivalents$401.1M17$223.7M18$222.7M19$102.8M19$49.7M19
Diluted shares163.2M178.3M153.3M153.1M158.6M

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
$4.83
your share of equity
Profit it earned you last year
−$5.9
Free cash flow it threw off
−$1.52
Debt you’d be carrying
$4.03

10 shares is a claim on $4.83 of net worth that earned you −$5.9 and generated −$1.52 of cash last year, against $4.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY21 25%FY22 6%FY23 -12%FY24 -72%FY25 -80%

It earned an average -26% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 73% — 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 2021-12-31 · accession 0001500435-24-000021 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-013046 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001500435-26-000006 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001500435-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-013046 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001500435-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001500435-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-013046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001500435-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001500435-24-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-013046 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001500435-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001500435-23-000021 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001500435-24-000021 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-013046 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001500435-26-000006 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001500435-23-000021 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-25-013046 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001500435-26-000006 (CashAndCashEquivalentsAtCarryingValue)