MeritValue

GSI TECHNOLOGY INC

GSITdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

GSI TECHNOLOGY INC earns about -60% on invested capital, but has diluted owners by 31% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$33.4M1$29.7M2$21.8M3$20.5M3$25.1M3
Net income−$16.4M4−$16M5−$20.1M6−$10.6M6−$13.2M6
Operating cash flow−$13.8M7−$16.8M8−$17.4M9−$13M9−$15.9M9
Capital expenditure$774,00010$316,00011$645,00012$45,00012$486,00012
Free cash flow (derived)−$14.6M7−$17.2M8−$18M9−$13M9−$16.4M9
Total debt—————
Cash & equivalents$37M13$27.2M14$14.4M15$13.4M16$67.2M16
Diluted shares24.3M24.6M25.1M25.5M31.8M

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
$25.68
your share of equity
Profit it earned you last year
−$4.16
Free cash flow it threw off
−$5.15
Debt you’d be carrying
—

10 shares is a claim on $25.68 of net worth that earned you −$4.16 and generated −$5.15 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-60% avg · 5y
FY22 -47%FY23 -51%FY24 -73%FY25 -56%FY26 -73%

It earned an average -60% 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
+31% shares · 5y

Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2022-03-31 · accession 0001558370-24-009139 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001558370-25-008723 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001104659-26-070962 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001558370-24-009139 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001558370-25-008723 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001104659-26-070962 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001558370-24-009139 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001558370-25-008723 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001104659-26-070962 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001558370-24-009139 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001558370-25-008723 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001104659-26-070962 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001558370-23-011516 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001558370-24-009139 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001558370-25-008723 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001104659-26-070962 (CashAndCashEquivalentsAtCarryingValue)