MeritValue

LIQTECH INTERNATIONAL INC

LIQTdata completeness 88%16 fiscal years on file
The thesis, from the filings

LIQTECH INTERNATIONAL INC earns about -114% on invested capital, and has bought back 55% 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$18.3M1$16M2$18M3$14.6M4$16.5M4
Net income−$11.1M5−$14.2M6−$8.57M7−$10.3M8−$8.53M8
Operating cash flow−$7.2M9−$12M10−$4.18M11−$7.53M12−$6.11M12
Capital expenditure$1.13M13$1.69M14$2.89M15$1.37M16$395,18016
Free cash flow (derived)−$8.34M9−$13.7M10−$7.08M11−$8.9M12−$6.5M12
Total debt$6.19M17————
Cash & equivalents$15.4M18—$10.4M19—$5.07M20
Diluted shares21.6M4.4M5.7M6.3M9.6M

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
$10.85
your share of equity
Profit it earned you last year
−$8.87
Free cash flow it threw off
−$6.76
Debt you’d be carrying
—

10 shares is a claim on $10.85 of net worth that earned you −$8.87 and generated −$6.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-114% avg · 5y
FY21 -246%FY22 -49%FY23 -101%FY24 -49%FY25 -127%

It earned an average -114% 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
−55% shares · 5y

Share count is down 55% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0001437749-23-007544 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009045 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009832 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-005983 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007544 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009045 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009832 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-005983 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007544 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009045 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009832 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-005983 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007544 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009045 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009832 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-005983 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-22-007742 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-22-007742 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-24-009045 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0001437749-26-005983 (CashAndCashEquivalentsAtCarryingValue)