MeritValue

MOVING iMAGE TECHNOLOGIES INC.

MITQdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

MOVING iMAGE TECHNOLOGIES INC. earns about -106% on invested capital, below its ~9% cost of capital, but has diluted owners by 76% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.45 and $0.49 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.25M1$18.4M2$20.2M3$20.1M3$18.1M4
Net income−$645,0005−$1.35M6−$1.8M7−$1.37M8−$948,0008
Operating cash flow−$1.7M9−$3.39M10$269,00011−$796,00012$437,00012
Capital expenditure$2,00013$20,00014$15,00015$12,00016$016
Free cash flow (derived)−$1.7M9−$3.41M10$254,00011−$808,00012$437,00012
Total debt—$3.88M17———
Cash & equivalents$1.27M18$2.34M19$6.62M20$5.28M20—
Diluted shares5.6M10.6M10.9M10.5M9.9M

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
$4.9
your share of equity
Profit it earned you last year
−$0.96
Free cash flow it threw off
$0.44
Debt you’d be carrying
—

10 shares is a claim on $4.9 of net worth that earned you −$0.96 and generated $0.44 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-106% avg · 5y
FY21 —FY22 -10%FY23 -147%FY24 -251%FY25 -15%

It earned about -106% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+76% shares · 5y

Share count is up 76% 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

The 2 estimate methods that apply put fair value between $0.45 and $0.49 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$254,000
DCF · Growth Exit 5Y
$0.45
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$254,000
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 $0.45
The three cases
Bear0.0%$0.37
Base5.0%$0.45
Bull10.0%$0.56

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 2021-06-30 · accession 0001104659-22-103689 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-23-016091 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-24-013066 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-06-30 · accession 0001437749-25-029934 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001104659-22-103689 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001558370-23-016091 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001558370-24-013066 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001437749-25-029934 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001104659-22-103689 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001558370-23-016091 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001558370-24-013066 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001437749-25-029934 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001104659-22-103689 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001558370-23-016091 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001558370-24-013066 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-029934 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-06-30 · accession 0001104659-22-103689 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-06-30 · accession 0001558370-23-016091 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-06-30 · accession 0001558370-23-016091 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-06-30 · accession 0001558370-24-013066 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)