MeritValue

LogicMark, Inc.

LGMKdata completeness 88%14 fiscal years on file
The thesis, from the filings

LogicMark, Inc. earns about -84% on invested capital, and has bought back 91% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10M1$11.9M2$9.93M3$9.9M4$11.4M4
Net income−$11.7M5−$6.92M6−$14.6M7−$9M8−$7.47M8
Operating cash flow−$5.91M9−$3.61M10−$4.32M11−$4.25M12−$5.06M12
Capital expenditure—$282,46613$53,42914$25,56815$71,25515
Free cash flow (derived)—−$3.89M10−$4.37M11−$4.28M12−$5.13M12
Total debt—————
Cash & equivalents$12M16$6.98M17$6.4M17$3.81M18$3.57M18
Diluted shares6.3M478,70554,133848594,946

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
$273.71
your share of equity
Profit it earned you last year
−$125.51
Free cash flow it threw off
−$86.25
Debt you’d be carrying
—

10 shares is a claim on $273.71 of net worth that earned you −$125.51 and generated −$86.25 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-84% avg · 5y
FY21 -55%FY22 -39%FY23 -171%FY24 -108%FY25 -46%

It earned an average -84% 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
−91% shares · 5y

Share count is down 91% 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 v0.1.0
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 2021-12-31 · accession 0001213900-23-024727 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-033400 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-004370 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-035359 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024727 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-033400 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-004370 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-035359 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024727 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-033400 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-004370 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-035359 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-23-024727 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-004370 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-035359 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024727 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-033400 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-035359 (CashAndCashEquivalentsAtCarryingValue)