MeritValue

Intellicheck, Inc.

IDNdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Intellicheck, Inc. earns about -28% on invested capital, but has diluted owners by 8% 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$16.4M1$16M2$18.9M3$20M4$22.7M4
Net income−$7.48M5−$4.16M6−$1.98M7−$918,0008$1.27M8
Operating cash flow$1.12M9−$3.48M10−$647,00011−$2.69M12$4.54M12
Capital expenditure$662,00013$192,00014$93,00015$57,00016$52,00016
Free cash flow (derived)$454,0009−$3.67M10−$740,00011−$2.75M12$4.49M12
Total debt—————
Cash & equivalents$13.7M17$5.2M18$3.98M19$4.67M20$9.65M20
Diluted shares18.6M18.8M19.2M19.3M20.2M

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
shares
Net assets behind them
$10.27
your share of equity
Profit it earned you last year
$0.63
Free cash flow it threw off
$2.23
Debt you’d be carrying
—

10 shares is a claim on $10.27 of net worth that earned you $0.63 and generated $2.23 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 5y
FY21 -109%FY22 -26%FY23 -12%FY24 -5%FY25 12%

It earned an average -28% 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
+8% shares · 5y

Share count is up 8% 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
$1.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001040896-23-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-013949 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-015555 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001040896-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001040896-23-000016 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-013949 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-015555 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001040896-26-000009 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001040896-23-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-013949 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015555 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001040896-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001040896-23-000016 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-013949 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-015555 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001040896-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001040896-23-000016 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-013949 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-015555 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001040896-26-000009 (CashAndCashEquivalentsAtCarryingValue)