ICTS INTERNATIONAL N V

ICTSFdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$324.9M¹	$325M²	$431.5M³	$483.3M³	$534.4M³
Net income	$34.8M⁴	−$4.73M⁵	$7.08M⁶	−$4.23M⁶	−$14.3M⁶
Operating cash flow	$53.4M⁷	−$2.11M⁸	$4.39M⁹	−$9.47M⁹	−$31M⁹
Capital expenditure	$1.43M¹⁰	$1.75M¹¹	$1.55M¹²	$1.95M¹²	$1.81M¹²
Free cash flow (derived)	$51.9M⁷	−$3.86M⁸	$2.84M⁹	−$11.4M⁹	−$32.8M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$88.8M¹³	$50.9M¹⁴	$55.2M¹⁵	$64.7M¹⁵	$16.9M¹⁵
Diluted shares	40.2M	37.4M	39.4M	37.4M	36.2M

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

Net assets behind them

−$5.87

your share of equity

Profit it earned you last year

−$3.97

Free cash flow it threw off

−$9.07

Debt you’d be carrying

—

10 shares is a claim on −$5.87 of net worth that earned you −$3.97 and generated −$9.07 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 5y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

−10% shares · 5y

Share count is down 10% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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