MeritValue

SemiLEDs Corp

LEDSdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SemiLEDs Corp earns about -19% on invested capital, but has diluted owners by 85% 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$4.74M1$7.05M2$5.98M3$5.18M4$43M4
Net income−$2.85M5−$2.74M6−$2.69M7−$2.04M8−$1.13M8
Operating cash flow−$1.74M9−$1.51M10−$984,00011−$365,00012$2.21M12
Capital expenditure$118,00013$280,00014$200,00015$123,00016$569,00016
Free cash flow (derived)−$1.86M9−$1.79M10−$1.18M11−$488,00012$1.64M12
Total debt$15.4M17$13.9M18$12.7M19$7.45M20$3.42M20
Cash & equivalents$4.83M21$4.27M22$2.57M23$1.67M24$2.59M24
Diluted shares4.2M4.5M4.9M6.3M7.7M

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
$3.6
your share of equity
Profit it earned you last year
−$1.46
Free cash flow it threw off
$2.13
Debt you’d be carrying
$4.42

10 shares is a claim on $3.6 of net worth that earned you −$1.46 and generated $2.13 of cash last year, against $4.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 -15%FY22 -17%FY23 -19%FY24 -20%FY25 -25%

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
+85% shares · 5y

Share count is up 85% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 78% — deleveraging.

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 2021-08-31 · accession 0000950170-22-022841 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-08-31 · accession 0000950170-22-022841 (NetIncomeLoss)
  6. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (NetIncomeLoss)
  7. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (NetIncomeLoss)
  8. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0000950170-22-022841 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-08-31 · accession 0000950170-22-022841 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-08-31 · accession 0000950170-22-022841 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-08-31 · accession 0000950170-22-022841 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-08-31 · accession 0000950170-23-066243 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-08-31 · accession 0000950170-24-131245 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-08-31 · accession 0001193125-25-301379 (CashAndCashEquivalentsAtCarryingValue)