MeritValue

INTERLINK ELECTRONICS INC

LINKdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

INTERLINK ELECTRONICS INC earns about -1% on invested capital, but has diluted owners by 126% 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$7.48M1$7.49M2$13.9M3$11.7M4$11.9M4
Net income−$734,0005$1.67M6−$383,0007−$1.98M8−$1.62M8
Operating cash flow$231,0009−$915,00010−$116,00011−$367,00012−$112,00012
Capital expenditure$159,00013$42,00014$123,00015$177,00016$56,00016
Free cash flow (derived)$72,0009−$957,00010−$239,00011−$544,00012−$168,00012
Total debt—————
Cash & equivalents$10.8M17$10.1M18$4.3M19$2.95M20$2.72M20
Diluted shares6.6M9.9M9.9M14.8M14.9M

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
$6.18
your share of equity
Profit it earned you last year
−$1.08
Free cash flow it threw off
−$0.11
Debt you’d be carrying
—

10 shares is a claim on $6.18 of net worth that earned you −$1.08 and generated −$0.11 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 -5%FY22 45%FY23 -2%FY24 -20%FY25 -22%

It earned an average -1% 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
+126% shares · 5y

Share count is up 126% 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 · period ending 2021-12-31 · accession 0001104659-23-038308 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001104659-24-038475 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000511 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-035244 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-038308 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001104659-24-038475 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000511 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-035244 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-038308 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001104659-24-038475 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000511 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-035244 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-038308 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001104659-24-038475 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000511 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-035244 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001104659-23-038308 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001104659-24-038475 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001410578-25-000511 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-035244 (CashAndCashEquivalentsAtCarryingValue)