MeritValue

Lucent, Inc.

LUCNdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Lucent, Inc. earns about -86% on equity, but has diluted owners by 4% 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 2019FY 2020FY 2021FY 2022FY 2023
Revenue$01$02$03$04$04
Net income−$27,3655−$17,6006−$21,1007−$15,0008−$15,3458
Operating cash flow−$27,3659−$22,90010−$13,90011−$13,88012−$9,55012
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$43,88013$20,98014$8,08015$016$016
Diluted shares5.4M5.6M5.6M5.6M5.6M

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
−$0.06
your share of equity
Profit it earned you last year
−$0.03
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.06 of net worth that earned you −$0.03 last year.

iii. Is this a good business?
Moat signal · return on equity
-86% avg · 5y
FY19 -76%FY20 -96%FY21 —FY22 —FY23 —

It earned an average -86% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2019-12-31 · accession 0001558891-21-000035 (Revenues)
  2. 10-K · period ending 2020-12-31 · accession 0001558891-22-000031 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001558891-23-000025 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001393905-24-000096 (Revenues)
  5. 10-K · period ending 2019-12-31 · accession 0001558891-21-000035 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001558891-22-000031 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558891-23-000025 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001393905-24-000096 (NetIncomeLoss)
  9. 10-K · period ending 2019-12-31 · accession 0001558891-21-000035 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001558891-22-000031 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001558891-23-000025 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001393905-24-000096 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2019-12-31 · accession 0001558891-21-000035 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2020-12-31 · accession 0001558891-22-000031 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2021-12-31 · accession 0001558891-23-000025 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001393905-24-000096 (CashAndCashEquivalentsAtCarryingValue)