MeritValue

ICTS INTERNATIONAL N V

ICTSFdata completeness 88%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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)$51.9M7,10−$3.86M8,11$2.84M9,12−$11.4M9,12−$32.8M9,12
Total debt—————
Cash & equivalents$88.8M13$50.9M14$55.2M15$64.7M15$16.9M15
Diluted shares40.2M37.4M39.4M37.4M36.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
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.

seeing a moat in the numbers →
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.

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 v0.6.0
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 →

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Sources — the receipts
  1. 20-F filed 2024-05-10 · period ending 2021-12-31 · accession 0001178913-24-001679 (Revenues)
  2. 20-F filed 2025-05-13 · period ending 2022-12-31 · accession 0001178913-25-001749 (Revenues)
  3. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001178913-26-002313 (Revenues)
  4. 20-F filed 2024-05-10 · period ending 2021-12-31 · accession 0001178913-24-001679 (NetIncomeLoss)
  5. 20-F filed 2025-05-13 · period ending 2022-12-31 · accession 0001178913-25-001749 (NetIncomeLoss)
  6. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001178913-26-002313 (NetIncomeLoss)
  7. 20-F filed 2024-05-10 · period ending 2021-12-31 · accession 0001178913-24-001679 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F filed 2025-05-13 · period ending 2022-12-31 · accession 0001178913-25-001749 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001178913-26-002313 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F filed 2024-05-10 · period ending 2021-12-31 · accession 0001178913-24-001679 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F filed 2025-05-13 · period ending 2022-12-31 · accession 0001178913-25-001749 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001178913-26-002313 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F filed 2024-05-10 · period ending 2021-12-31 · accession 0001178913-24-001679 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F filed 2025-05-13 · period ending 2022-12-31 · accession 0001178913-25-001749 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001178913-26-002313 (CashAndCashEquivalentsAtCarryingValue)