MeritValue

Mobilicom Ltd

MOBdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Mobilicom Ltd earns about -132% on equity, and has bought back 99% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$1.62M1$2.19M2$3.18M2$3.36M2
Net income−$231,9783−$4.57M4−$8.01M4−$23.7M4
Operating cash flow−$3.33M5−$4.16M6−$3.21M6−$1.9M6
Capital expenditure$3,1527$12,7608$26,9268$36,6078
Free cash flow (derived)−$3.33M5−$4.18M6−$3.23M6−$1.94M6
Total debt————
Cash & equivalents$12.9M9$8.44M9$8.69M9$19.1M9
Diluted shares1.33B1.33B2.06B12.2M

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
$7.22
your share of equity
Profit it earned you last year
−$19.42
Free cash flow it threw off
−$1.59
Debt you’d be carrying
—

10 shares is a claim on $7.22 of net worth that earned you −$19.42 and generated −$1.59 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-132% avg · 4y
FY22 -2%FY23 -59%FY24 -199%FY25 -269%

It earned an average -132% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 4y

Share count is down 99% over 4 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. 20-F · period ending 2022-12-31 · accession 0001013762-25-003365 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-032915 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-23-024658 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-032915 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001013762-25-003365 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-032915 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001013762-25-003365 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-032915 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-26-032915 (CashAndCashEquivalents)