Innovaro, Inc. earns about -60% on invested capital, but has diluted owners by 6% over 3 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.
| Figure | FY 2010 | FY 2011 | FY 2012 |
|---|---|---|---|
| Revenue | $13.1M1 | $435,4252 | $530,8342 |
| Net income | −$19.1M3 | −$4.62M4 | −$9.99M4 |
| Operating cash flow | −$4.91M5 | −$2.83M6 | −$1.68M6 |
| Capital expenditure | $80,0637 | $39,2188 | $1,2798 |
| Free cash flow (derived) | −$4.99M5,7 | −$2.87M6,8 | −$1.68M6,8 |
| Total debt | $5.79M9,10 | $5.64M11 | $5.23M11 |
| Cash & equivalents | $262,61912 | $268,17012 | $75,91012 |
| Diluted shares | 14.6M | 15.0M | 15.5M |
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.
10 shares is a claim on $0.98 of net worth that earned you −$6.46 and generated −$1.08 of cash last year, against $3.38 of debt.
It earned an average -60% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 6% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (Revenues)
- 10-K filed 2013-04-15 · periods ending 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (Revenues)
- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (NetIncomeLoss)
- 10-K filed 2013-04-15 · periods ending 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (NetIncomeLoss)
- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2013-04-15 · periods ending 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (PaymentsToAcquireProductiveAssets)
- 10-K filed 2013-04-15 · periods ending 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (LongTermDebtNoncurrent)
- 10-K filed 2012-04-11 · period ending 2010-12-31 · accession 0001193125-12-158864 (LongTermDebtCurrent)
- 10-K filed 2013-04-15 · periods ending 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (LongTermDebt)
- 10-K filed 2013-04-15 · periods ending 2010-12-31, 2011-12-31, 2012-12-31 · accession 0001193125-13-155023 (CashAndCashEquivalentsAtCarryingValue)