NIQ Global Intelligence plc earns about -21% on invested capital, but has diluted owners by 9% over 3 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.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $3.34B1 | $3.97B1 | $4.2B1 |
| Net income | −$577.4M2 | −$798M2 | −$353.3M2 |
| Operating cash flow | −$11.8M3 | $73.9M3 | $298.7M3 |
| Capital expenditure | $24.2M4 | $35.4M4 | $34.7M4 |
| Free cash flow (derived) | −$36M3,4 | $38.5M3,4 | $264M3,4 |
| Total debt | — | $4.08B5,6 | $3.61B5,6 |
| Cash & equivalents | $283M7 | $266.2M7 | $518.8M7 |
| Diluted shares | 245.0M | 245.0M | 266.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $37.03 of net worth that earned you −$13.24 and generated $9.89 of cash last year, against $135.25 of debt.
It earned an average -21% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 9% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 12% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth5.00%
- Starting free cash flow$38.5M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth5.00%
- Starting free cash flow$38.5M
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (NetIncomeLoss)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (LongTermDebtNoncurrent)
- 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (DebtCurrent)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-012572 (CashAndCashEquivalentsAtCarryingValue)