MeritValue

Laser Photonics Corp

LASEdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Laser Photonics Corp earns about -19% on invested capital, but has diluted owners by 251% 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$4.19M1$3.89M2$3.94M3$3.42M4$8.34M4
Net income$584,3945−$2.09M6−$3.32M7−$2.52M8−$17.5M8
Operating cash flow$1.38M9−$63,37610−$5.47M11−$9.14M12−$6.39M12
Capital expenditure$2,75013$689,25014$76,68615——
Free cash flow (derived)$1.37M9−$752,62610−$5.55M11——
Total debt—————
Cash & equivalents$615,74916$12.2M17$6.2M18$533,87118$650,33919
Diluted shares4.9M5.6M8.9M11.6M17.1M

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
−$2.94
your share of equity
Profit it earned you last year
−$10.2
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$2.94 of net worth that earned you −$10.2 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 13%FY22 -33%FY23 -34%FY24 -21%FY25 —

It earned an average -19% 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
+251% shares · 5y

Share count is up 251% 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
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/A · period ending 2021-12-31 · accession 0001654954-23-014537 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-036018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-016194 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-018110 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001654954-23-014537 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-036018 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-016194 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-018110 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001654954-23-014537 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-036018 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-016194 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-018110 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001654954-23-014537 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-036018 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-016194 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001654954-23-004821 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-036018 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-016194 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-018110 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)