MeritValue

EMERSON RADIO CORP

MSNdata completeness 88%16 fiscal years on file
The thesis, from the filings

EMERSON RADIO CORP earns about -166% on invested capital, with a roughly flat share count. 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 2025FY 2026
Revenue$8.21M1$7.18M2$9.07M3$10.8M4$6.31M4
Net income−$3.63M5−$1.36M6$766,0007−$4.73M8−$4.3M8
Operating cash flow−$4.71M9−$306,00010−$5.26M11−$3.65M12−$3.72M12
Capital expenditure$2,00013$014$119,00015$195,00016$016
Free cash flow (derived)−$4.71M9−$306,00010−$5.38M11−$3.84M12−$3.72M12
Total debt—————
Cash & equivalents$25.6M17$25.3M18$19.9M19$1.19M20$9.19M20
Diluted shares21.0M21.0M21.0M21.0M21.0M

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
$8.17
your share of equity
Profit it earned you last year
−$2.04
Free cash flow it threw off
−$1.77
Debt you’d be carrying
—

10 shares is a claim on $8.17 of net worth that earned you −$2.04 and generated −$1.77 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-166% avg · 5y
FY22 -230%FY23 -558%FY24 12%FY25 -15%FY26 -37%

It earned an average -166% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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. 10-K · period ending 2022-03-31 · accession 0001437749-23-018439 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001437749-24-021403 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001437749-25-021421 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001437749-26-021828 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001437749-23-018439 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001437749-24-021403 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001437749-25-021421 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001437749-26-021828 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001437749-23-018439 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001437749-24-021403 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001437749-25-021421 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001437749-26-021828 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001437749-23-018439 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001437749-24-021403 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001437749-25-021421 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001437749-26-021828 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001437749-23-018439 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001437749-24-021403 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001437749-25-021421 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001437749-26-021828 (CashAndCashEquivalentsAtCarryingValue)