MeritValue

MAGNACHIP SEMICONDUCTOR Corp

MXdata completeness 100%16 fiscal years on file
The thesis, from the filings

MAGNACHIP SEMICONDUCTOR Corp earns about -4% on invested capital, and has bought back 24% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$474.2M1$337.7M1$230.1M2$196.4M3$178.9M3
Net income$56.7M4−$8.04M4−$36.6M5−$54.3M6−$29.7M6
Operating cash flow$87.7M7$5.17M7−$3.01M8−$6.13M9−$24.2M9
Capital expenditure$32.2M10$23.4M10$6.96M11$11.6M12$30M12
Free cash flow (derived)$55.5M7−$18.2M7−$9.97M8−$17.7M9−$54.2M9
Total debt——$013$27.2M14$44.6M14
Cash & equivalents$279.5M15$225.5M16$158.1M17$138.6M18$103.8M18
Diluted shares47.7M44.9M41.0M37.8M36.2M

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
$68.54
your share of equity
Profit it earned you last year
−$8.21
Free cash flow it threw off
−$14.96
Debt you’d be carrying
$12.31

10 shares is a claim on $68.54 of net worth that earned you −$8.21 and generated −$14.96 of cash last year, against $12.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 33%FY22 -1%FY23 -20%FY24 -17%FY25 -13%

It earned an average -4% 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
−24% shares · 5y

Share count is down 24% over 5 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. 10-K · period ending 2021-12-31 · accession 0001193125-24-063674 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001193125-24-063674 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001193125-24-063674 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001193125-24-063674 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001193125-23-044850 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001193125-24-063674 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001193125-25-054851 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-108435 (CashAndCashEquivalentsAtCarryingValue)