MeritValue

LiveOne, Inc.

LVOdata completeness 88%17 fiscal years on file
The thesis, from the filings

The estimate methods put fair value between $5.84 and $6.3 a share.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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$117M1$99.6M2$118.4M3$114.4M4$77.1M4
Net income−$43.9M5−$10M6−$12M7−$18.7M8−$21M8
Operating cash flow−$9.12M9−$3.84M10$6.85M11$6.37M12−$10.5M12
Capital expenditure$3.74M13$2.44M14$3.04M15$3.05M16$3.18M16
Free cash flow (derived)−$12.9M9−$6.28M10$3.81M11$3.32M12−$13.7M12
Total debt$54.7M17————
Cash & equivalents$12.9M18$8.41M19$6.99M20$4.12M21$5.35M21
Diluted shares79.1M84.8M87.6M9.5M11.0M

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
−$18.71
your share of equity
Profit it earned you last year
−$19.09
Free cash flow it threw off
−$12.49
Debt you’d be carrying
—

10 shares is a claim on −$18.71 of net worth that earned you −$19.09 and generated −$12.49 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−86% shares · 5y

Share count is down 86% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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

The 2 estimate methods that apply put fair value between $5.84 and $6.3 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$6.3
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$3.32M
DCF · Growth Exit 5Y
$5.84
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$3.32M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $5.84
The three cases
Bear0.0%$4.8
Base5.0%$5.84
Bull10.0%$7.09

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001213900-23-053022 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001437749-24-021725 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001437749-25-022739 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001437749-26-021987 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001213900-23-053022 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001437749-24-021725 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001437749-25-022739 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001437749-26-021987 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001213900-23-053022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001437749-24-021725 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001437749-25-022739 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001437749-26-021987 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001213900-23-053022 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001437749-24-021725 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001437749-25-022739 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001437749-26-021987 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001213900-22-035870 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-03-31 · accession 0001213900-23-053022 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0001437749-24-021725 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0001437749-25-022739 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001437749-26-021987 (CashAndCashEquivalentsAtCarryingValue)