MeritValue

INTRUSION INC

INTZdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

INTRUSION INC earns about -243% on equity, but has diluted owners by 10% 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$7.28M1$7.53M2$5.61M3$5.77M4$7.1M4
Net income−$18.8M5−$16.2M6−$13.9M7−$7.79M8−$9.06M8
Operating cash flow−$16.6M9−$13.2M10−$7.77M11−$6.29M12−$6.76M12
Capital expenditure$1.06M13$307,00014$157,00015$533,00016$777,00016
Free cash flow (derived)−$17.6M9−$13.5M10−$7.92M11−$6.83M12−$7.54M12
Total debt—————
Cash & equivalents$4.1M17$3.02M18$139,00019$4.85M20$3.62M20
Diluted shares18.0M990,0001.2M5.3M19.8M

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
$3.68
your share of equity
Profit it earned you last year
−$4.58
Free cash flow it threw off
−$3.81
Debt you’d be carrying
—

10 shares is a claim on $3.68 of net worth that earned you −$4.58 and generated −$3.81 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-243% avg · 5y
FY21 -480%FY22 —FY23 —FY24 -125%FY25 -124%

It earned an average -243% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+10% shares · 5y

Share count is up 10% 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 2021-12-31 · accession 0001683168-23-002002 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-001272 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002196 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002002 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002011 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-001272 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002196 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-001272 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002196 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002002 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-002011 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-001272 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002196 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-23-002002 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-24-002011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-25-001272 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001683168-26-002196 (CashAndCashEquivalentsAtCarryingValue)