MeritValue

Identiv, Inc.

INVEdata completeness 88%17 fiscal years on file
The thesis, from the filings

Identiv, Inc. earns about -49% on invested capital, but has diluted owners by 7% 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$103.8M1$112.9M1$43.4M2$26.6M3$21.5M3
Net income$1.62T4−$392B4−$5.49M5$74.8M6−$18M6
Operating cash flow$1.23M7−$7.81M7$1.16M8−$15.4M9−$6.7M9
Capital expenditure$2.09M10$3.9M10$4.28M11$1.49M12$1.11M12
Free cash flow (derived)−$859,0007−$11.7M7−$3.13M8−$16.9M9−$7.81M9
Total debt——$9.95M13$013—
Cash & equivalents$28.6M14$16.7M15$23.3M16$135.6M17$128.6M17
Diluted shares22.3M22.7M23.1M23.6M23.8M

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
$59.16
your share of equity
Profit it earned you last year
−$7.57
Free cash flow it threw off
−$3.28
Debt you’d be carrying
—

10 shares is a claim on $59.16 of net worth that earned you −$7.57 and generated −$3.28 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-49% avg · 5y
FY21 4%FY22 -0%FY23 -18%FY24 -111%FY25 -119%

It earned an average -49% 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
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 0000950170-24-031816 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-126351 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001193125-24-122187 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-126351 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031816 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-126351 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-031816 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-126351 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (LongTermDebtCurrent)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-008269 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-031816 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-040387 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-126351 (CashAndCashEquivalentsAtCarryingValue)