MeritValue

Iveda Solutions, Inc.

IVDAdata completeness 88%12 fiscal years on file
The thesis, from the filings

Iveda Solutions, Inc. earns about -561% on invested capital, and has bought back 59% of its shares over 5 years. 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$1.92M1$4.47M2$6.5M3$6.02M4$5.28M4
Net income−$3M5−$3.35M6−$4.14M7−$3.98M8−$3.2M8
Operating cash flow−$1.97M9−$5.41M10−$3.33M11−$4.42M12−$2.03M12
Capital expenditure$24,51313$14,16514$85,59315$2,60815—
Free cash flow (derived)−$2M9−$5.42M10−$3.42M11−$4.42M12—
Total debt$509,08716$654,59317$348,77118$1.3M19$946,36419
Cash & equivalents$1.39M20$7.31M21$4.74M22$2.63M23$5.16M23
Diluted shares8.9M12.8M2.0M2.2M3.6M

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
$13.13
your share of equity
Profit it earned you last year
−$8.78
Free cash flow it threw off
—
Debt you’d be carrying
$2.6

10 shares is a claim on $13.13 of net worth that earned you −$8.78 last year, against $2.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-561% avg · 5y
FY21 —FY22 -285%FY23 -1257%FY24 -265%FY25 -439%

It earned an average -561% 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
−59% shares · 5y

Share count is down 59% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 86% over the same window.

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 0001493152-23-010283 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-015284 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014179 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010283 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-015284 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014179 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010283 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-015284 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014179 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010283 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004833 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010283 (LongTermDebtCurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (LongTermDebtCurrent)
  18. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-015284 (ShortTermBorrowings)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-014179 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-010283 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-012417 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-015284 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-014179 (CashAndCashEquivalentsAtCarryingValue)