MeritValue

KOSS CORP

KOSSdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

KOSS CORP earns about 6% on invested capital, and has bought back 5% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$17.7M1$13.1M2$12.3M3$12.6M4$13M4
Net income$1.27M5$8.32M6−$950,9117−$874,8318−$391,4648
Operating cash flow−$942,5309$10.7M10−$190,53111−$214,90812$439,20712
Capital expenditure$108,15813$98,44114$461,76015$490,71716$316,48616
Free cash flow (derived)−$1.05M9$10.6M10−$652,29111−$705,62512$122,72112
Total debt—————
Cash & equivalents$9.21M17$3.09M18$2.84M19$2.81M20$3.02M20
Diluted shares10.0M9.8M9.3M9.4M9.5M

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
$31.87
your share of equity
Profit it earned you last year
−$0.41
Free cash flow it threw off
$0.13
Debt you’d be carrying
—

10 shares is a claim on $31.87 of net worth that earned you −$0.41 and generated $0.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY22 9%FY23 29%FY24 -3%FY25 -2%FY26 -1%

It earned an average 6% 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
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 v0.5.0
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 2022-06-30 · accession 0000056701-23-000026 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0000056701-24-000028 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0000056701-25-000044 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-06-30 · accession 0000056701-26-000034 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-06-30 · accession 0000056701-23-000026 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000056701-24-000028 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0000056701-25-000044 (NetIncomeLoss)
  8. 10-K · period ending 2025-06-30 · accession 0000056701-26-000034 (NetIncomeLoss)
  9. 10-K · period ending 2022-06-30 · accession 0000056701-23-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0000056701-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0000056701-25-000044 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-06-30 · accession 0000056701-26-000034 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-06-30 · accession 0000056701-23-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0000056701-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0000056701-25-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-06-30 · accession 0000056701-26-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-06-30 · accession 0000056701-23-000026 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0000056701-24-000028 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0000056701-25-000044 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0000056701-26-000034 (CashAndCashEquivalentsAtCarryingValue)