MOBIX LABS, INC

MOBXdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

MOBIX LABS, INC earns about -322% on invested capital, but has diluted owners by 848% over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	$1.22M¹	$6.44M²	$9.91M²
Net income	−$776,129³	−$39.6M⁴	−$20M⁵	−$46.1M⁵
Operating cash flow	−$321,008⁶	−$14.6M⁷	−$18.4M⁸	−$10.1M⁸
Capital expenditure	—	—	$44,000⁹	$26,000⁹
Free cash flow (derived)	—	—	−$18.4M⁸	−$10.1M⁸
Total debt	—	$13.2M¹⁰	$6.85M¹¹	$12.4M¹¹
Cash & equivalents	$175,788¹²	$89,000¹³	$266,000¹³	$3.27M¹³
Diluted shares	4.8M	14.6M	29.5M	45.5M

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

Net assets behind them

−$0.07

your share of equity

Profit it earned you last year

−$10.15

Free cash flow it threw off

−$2.23

Debt you’d be carrying

$2.72

10 shares is a claim on −$0.07 of net worth that earned you −$10.15 and generated −$2.23 of cash last year, against $2.72 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-322% avg · 4y

FY22 —FY23 -403%FY24 -147%FY25 -416%

It earned an average -322% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+848% shares · 4y

Share count is up 848% over 4 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

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2023-09-30 · accession 0001493152-24-051917 (RevenueFromContractWithCustomerIncludingAssessedTax)
10-K · period ending 2024-09-30 · accession 0001493152-26-001921 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001410578-23-000584 (NetIncomeLoss)
10-K · period ending 2023-09-30 · accession 0001493152-24-051917 (NetIncomeLoss)
10-K · period ending 2024-09-30 · accession 0001493152-26-001921 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001410578-23-000584 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-09-30 · accession 0001493152-24-051917 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001493152-26-001921 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001493152-26-001921 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-09-30 · accession 0001493152-24-051917 (LongTermDebt)
10-K · period ending 2024-09-30 · accession 0001493152-26-001921 (LongTermDebtNoncurrent)
10-K · period ending 2022-12-31 · accession 0001410578-23-000584 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-09-30 · accession 0001493152-26-001921 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)