MeritValue

Innovative Eyewear Inc

LUCYdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Innovative Eyewear Inc earns about -399% on equity, and has bought back 34% 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$690,6701$659,7882$1.15M3$1.64M4$2.66M4
Net income−$3.24M5−$5.68M6−$6.66M7−$7.77M8−$7.59M8
Operating cash flow−$1.21M9−$3.22M10−$5.77M11−$6.74M12−$7.28M12
Capital expenditure$20,78213$121,56114$78,46315$62,20316$72,51316
Free cash flow (derived)−$1.23M9−$3.35M10−$5.84M11−$6.8M12−$7.35M12
Total debt—————
Cash & equivalents$79,72717$3.59M18$4.29M19$2.63M20$6.51M20
Diluted shares6.1M6.5M613,0001.5M4.0M

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
$22.71
your share of equity
Profit it earned you last year
−$19.02
Free cash flow it threw off
−$18.41
Debt you’d be carrying
—

10 shares is a claim on $22.71 of net worth that earned you −$19.02 and generated −$18.41 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-399% avg · 5y
FY21 -1563%FY22 -141%FY23 -120%FY24 -85%FY25 -84%

It earned an average -399% 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
−34% shares · 5y

Share count is down 34% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001829126-23-002253 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001829126-24-001847 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001829126-25-002025 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001829126-26-002695 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001829126-23-002253 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001829126-24-001847 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001829126-25-002025 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001829126-26-002695 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001829126-23-002253 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001829126-24-001847 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001829126-25-002025 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001829126-26-002695 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001829126-23-002253 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001829126-24-001847 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001829126-25-002025 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001829126-26-002695 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001829126-23-002253 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001829126-24-001847 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001829126-25-002025 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001829126-26-002695 (CashAndCashEquivalentsAtCarryingValue)