MeritValue

KOPIN CORP

KOPNdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

KOPIN CORP earns about -122% on invested capital, but has diluted owners by 97% 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$45.7M1$47.4M2$40.4M2$50.3M3$39.3M3
Net income−$13.4M4−$19.3M5−$19.7M5−$43.9M6$2.61M6
Operating cash flow−$10.7M7−$17.7M8−$15.3M8−$14.2M9−$15.5M9
Capital expenditure$1.03M10$832,71211$949,48711$815,29912$1.44M12
Free cash flow (derived)−$11.8M7−$18.5M8−$16.2M8−$15M9−$17M9
Total debt—————
Cash & equivalents$26.8M13$8.26M14$5.71M15$14.2M15$36.4M16
Diluted shares88.8M91.4M109.0M132.9M175.1M

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
$3.66
your share of equity
Profit it earned you last year
$0.15
Free cash flow it threw off
−$0.97
Debt you’d be carrying
—

10 shares is a claim on $3.66 of net worth that earned you $0.15 and generated −$0.97 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-122% avg · 5y
FY21 -81%FY22 -95%FY23 -65%FY24 -379%FY25 9%

It earned an average -122% 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
+97% shares · 5y

Share count is up 97% 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
$0.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-25 · accession 0001493152-24-009985 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001641172-25-005135 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-28 · accession 0001493152-26-016338 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-25 · accession 0001493152-24-009985 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001641172-25-005135 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-28 · accession 0001493152-26-016338 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-25 · accession 0001493152-24-009985 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001641172-25-005135 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-28 · accession 0001493152-26-016338 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-25 · accession 0001493152-24-009985 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001641172-25-005135 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-28 · accession 0001493152-26-016338 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-25 · accession 0001493152-23-007614 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-009985 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-30 · accession 0001641172-25-005135 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-12-27 · accession 0001493152-26-016338 (CashAndCashEquivalentsAtCarryingValue)