MeritValue

EASTMAN KODAK CO

KODKdata completeness 100%17 fiscal years on file
The thesis, from the filings

EASTMAN KODAK CO earns about 5% on invested capital, below its ~9% cost of capital, but has diluted owners by 8% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.29 and $3.1 a share.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$1.15B1$1.21B2$1.12B3$1.04B3$1.07B3
Net income$24M4$26M5$75M6$102M6−$128M6
Operating cash flow−$47M7−$116M8$38M9−$7M9$480M9
Capital expenditure$21M10$31M11$32M12$56M12$34M12
Free cash flow (derived)−$68M7−$147M8$6M9−$63M9$446M9
Total debt$254M13$634M14$916M15$934M16$418M16
Cash & equivalents$362M17$217M18$255M19$201M20$337M20
Diluted shares80.5M80.6M90.5M92.3M87.0M

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
$70.57
your share of equity
Profit it earned you last year
−$14.71
Free cash flow it threw off
$51.26
Debt you’d be carrying
$48.05

10 shares is a claim on $70.57 of net worth that earned you −$14.71 and generated $51.26 of cash last year, against $48.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 8%FY22 4%FY23 8%FY24 11%FY25 -6%

It earned about 5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 65% 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

The 3 estimate methods that apply put fair value between $0.29 and $3.1 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.4
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$6M
DCF · Growth Exit 5Y
$0.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$6M
Earnings Power Value
$3.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$26M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.29
The three cases
Bear0.0%$0.05
Base5.0%$0.29
Bull10.0%$0.58

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-007849 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-040256 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-104214 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-007849 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-040256 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-104214 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-007849 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-040256 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-104214 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-007849 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-040256 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-104214 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006897 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007849 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-040256 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-104214 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-006897 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-007849 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-040256 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-104214 (CashAndCashEquivalentsAtCarryingValue)