MeritValue

LIQUIDMETAL TECHNOLOGIES INC

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

LIQUIDMETAL TECHNOLOGIES INC earns about -7% on invested capital, with a roughly flat share count. 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$811,0001$383,0002$510,0003$860,0004$784,0004
Net income−$3.38M5−$2.39M6−$2.05M7−$1.51M8−$2.34M8
Operating cash flow−$2.73M9−$1.78M10−$1.31M11−$1.16M12−$2.75M12
Capital expenditure$013——$014$4,00014
Free cash flow (derived)−$2.73M9——−$1.16M12−$2.76M12
Total debt—————
Cash & equivalents$4.09M15$2.27M16$8.84M17$6.01M18$7.16M18
Diluted shares914.4M917.0M917.3M917.3M917.3M

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
$0.3
your share of equity
Profit it earned you last year
−$0.03
Free cash flow it threw off
−$0.03
Debt you’d be carrying
—

10 shares is a claim on $0.3 of net worth that earned you −$0.03 and generated −$0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -9%FY22 -6%FY23 -7%FY24 -5%FY25 -9%

It earned an average -7% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0001437749-23-006473 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001437749-24-035959 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007519 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007965 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006473 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001437749-24-035959 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007519 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007965 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006473 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001437749-24-035959 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007519 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007965 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-22-007571 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001437749-26-007965 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-006473 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2022-12-31 · accession 0001437749-24-035959 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-007519 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-007965 (CashAndCashEquivalentsAtCarryingValue)