MeritValue

INTELLIGENT PROTECTION MANAGEMENT CORP.

IPMdata completeness 88%16 fiscal years on file
The thesis, from the filings

INTELLIGENT PROTECTION MANAGEMENT CORP. earns about -65% on invested capital, but has diluted owners by 68% 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$454,5041$11M2$962,0323$1.1M4$344,3655
Net income$1.32M6−$3.41M7−$1.07M8−$8.43M9−$1.96M9
Operating cash flow$1.27M10−$2.96M11−$1.08M12−$3.02M13$1.08M13
Capital expenditure—$242,27914——$280,14915
Free cash flow (derived)—−$3.2M11——$796,57513
Total debt$159,18216$77,00516———
Cash & equivalents$21.6M17$14.7M18$13.6M19$10.6M20$5.6M20
Diluted shares7.8M9.6M9.2M9.2M13.1M

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
$13.83
your share of equity
Profit it earned you last year
−$1.49
Free cash flow it threw off
$0.61
Debt you’d be carrying
—

10 shares is a claim on $13.83 of net worth that earned you −$1.49 and generated $0.61 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-65% avg · 5y
FY21 37%FY22 -44%FY23 -25%FY24 -265%FY25 -27%

It earned an average -65% 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
+68% shares · 5y

Share count is up 68% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 52% — 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001213900-23-022476 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-023064 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-001600 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-029095 (Revenues)
  5. 10-K · period ending 2025-12-31 · accession 0001213900-26-029095 (RevenueFromContractWithCustomerIncludingAssessedTax)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-022476 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-023064 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001013762-25-001600 (NetIncomeLoss)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-029095 (NetIncomeLoss)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-23-022476 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-023064 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001013762-25-001600 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-029095 (NetCashProvidedByUsedInOperatingActivities)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-023064 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2025-12-31 · accession 0001213900-26-029095 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-022476 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-022476 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-24-023064 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001013762-25-001600 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-029095 (CashAndCashEquivalentsAtCarryingValue)