MeritValue

Lightspeed Commerce Inc.

LSPDdata completeness 88%6 fiscal years on file

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

The thesis, from the filings

Lightspeed Commerce Inc. earns about -25% on invested capital, but has diluted owners by 14% 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$221.7M1$548.4M2$730.5M3$909.3M4$1.08B4
Net income−$124.3M5−$288.4M6−$1.07B7−$164M8−$667.2M8
Operating cash flow−$93.1M9−$87.2M10−$125.3M11−$97.7M12−$32.8M12
Capital expenditure$1.79M13$10.7M14$9.23M15$7.51M16$3.78M16
Free cash flow (derived)−$94.9M9−$97.9M10−$134.5M11−$105.2M12−$36.5M12
Total debt—————
Cash & equivalents$807.2M17$953.7M18$800.2M19$722.1M19$558.5M19
Diluted shares128.5M141.6M150.4M153.5M146.4M

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
$113.66
your share of equity
Profit it earned you last year
−$45.57
Free cash flow it threw off
−$2.5
Debt you’d be carrying
—

10 shares is a claim on $113.66 of net worth that earned you −$45.57 and generated −$2.5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-25% avg · 5y
FY21 -9%FY22 -10%FY23 -50%FY24 -8%FY25 -47%

It earned an average -25% 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
+14% shares · 5y

Share count is up 14% 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. 40-F · period ending 2021-03-31 · accession 0001823306-22-000032 (RevenueFromContractsWithCustomers)
  2. 40-F · period ending 2022-03-31 · accession 0001823306-23-000024 (RevenueFromContractsWithCustomers)
  3. 40-F · period ending 2023-03-31 · accession 0001823306-24-000025 (RevenueFromContractsWithCustomers)
  4. 40-F · period ending 2024-03-31 · accession 0001823306-25-000030 (RevenueFromContractsWithCustomers)
  5. 40-F · period ending 2021-03-31 · accession 0001823306-22-000032 (ProfitLoss)
  6. 40-F · period ending 2022-03-31 · accession 0001823306-23-000024 (ProfitLoss)
  7. 40-F · period ending 2023-03-31 · accession 0001823306-24-000025 (ProfitLoss)
  8. 40-F · period ending 2024-03-31 · accession 0001823306-25-000030 (ProfitLoss)
  9. 40-F · period ending 2021-03-31 · accession 0001823306-22-000032 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-03-31 · accession 0001823306-23-000024 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-03-31 · accession 0001823306-24-000025 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-03-31 · accession 0001823306-25-000030 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-03-31 · accession 0001823306-22-000032 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-03-31 · accession 0001823306-23-000024 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-03-31 · accession 0001823306-24-000025 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-03-31 · accession 0001823306-25-000030 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-03-31 · accession 0001823306-23-000024 (CashAndCashEquivalents)
  18. 40-F · period ending 2022-03-31 · accession 0001823306-24-000025 (CashAndCashEquivalents)
  19. 40-F · period ending 2023-03-31 · accession 0001823306-25-000030 (CashAndCashEquivalents)