MeritValue

908 Devices Inc.

MASSdata completeness 88%6 fiscal years on file
The thesis, from the filings

908 Devices Inc. earns about -78% on invested capital, but has diluted owners by 28% 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$42.2M1$46.9M2$50.2M3$47.7M4$56.2M4
Net income−$22.2M5−$33.6M6−$36.4M7−$72.2M8$19.5M8
Operating cash flow−$29.1M9−$20.9M10−$25.1M11−$30.2M12−$23.7M12
Capital expenditure$737,00013$2.05M14$2.05M15$602,00016$955,00016
Free cash flow (derived)−$29.8M9−$23M10−$27.1M11−$30.8M12−$24.6M12
Total debt$15M17$15M18———
Cash & equivalents$224.1M19$188.4M20$121M21$44M22$70.5M22
Diluted shares28.0M31.5M32.2M34.1M35.9M

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
$40.03
your share of equity
Profit it earned you last year
$5.43
Free cash flow it threw off
−$6.86
Debt you’d be carrying
—

10 shares is a claim on $40.03 of net worth that earned you $5.43 and generated −$6.86 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-78% avg · 5y
FY21 —FY22 -154%FY23 -65%FY24 -59%FY25 -36%

It earned an average -78% 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
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. 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
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
$6.97
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002459 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-024877 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002459 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-024877 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002459 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-024877 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002459 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-024877 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001558370-23-003887 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001558370-24-002818 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001558370-25-002459 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001104659-26-024877 (CashAndCashEquivalentsAtCarryingValue)