MeritValue

LENSAR, Inc.

LNSRdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

LENSAR, Inc. earns about -71% on invested capital, but has diluted owners by 28% 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$29.5M1$29.4M2$35.7M3$46M4$51.7M4
Net income−$19.6M5−$19.9M6−$14.4M7−$31.4M8−$34.3M8
Operating cash flow−$8.97M9−$14.9M10−$9.66M11−$2.28M12−$14.8M12
Capital expenditure$354,00013$115,00014$236,00015$156,00016$83,00016
Free cash flow (derived)−$9.32M9−$15M10−$9.9M11−$2.43M12−$14.9M12
Total debt—————
Cash & equivalents$31.6M17$14.7M18$20.6M19$16.3M20$13M20
Diluted shares9.4M10.2M11.0M11.5M12.0M

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
−$21.76
your share of equity
Profit it earned you last year
−$28.67
Free cash flow it threw off
−$12.47
Debt you’d be carrying
—

10 shares is a claim on −$21.76 of net worth that earned you −$28.67 and generated −$12.47 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-71% avg · 5y
FY21 -67%FY22 -58%FY23 -89%FY24 —FY25 —

It earned an average -71% 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
+28% shares · 5y

Share count is up 28% 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 0000950170-23-008513 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-024807 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-029003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-134587 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008513 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-024807 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-029003 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-134587 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008513 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-024807 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-029003 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-134587 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008513 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-024807 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-029003 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-134587 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-008513 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-024807 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-029003 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-134587 (CashAndCashEquivalentsAtCarryingValue)