MeritValue

NETWORK-1 TECHNOLOGIES, INC.

NTIPdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

NETWORK-1 TECHNOLOGIES, INC. earns about 1% on equity, and has bought back 7% 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$36M1—$2.6M2$100,0003$150,0003
Net income$14.3M4−$2.33M5−$1.46M6−$3.03M7−$2.42M7
Operating cash flow$19.5M8−$5.44M9$331,00010−$1.08M11−$869,00011
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$44.5M12$13.4M13$16.9M14$13.1M15$13.4M15
Diluted shares24.5M23.8M23.8M23.3M22.8M

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
$17.31
your share of equity
Profit it earned you last year
−$1.06
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $17.31 of net worth that earned you −$1.06 last year.

iii. Is this a good business?
Moat signal · return on equity
1% avg · 5y
FY21 24%FY22 -4%FY23 -3%FY24 -7%FY25 -6%

It earned an average 1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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
  1. 10-K · period ending 2021-12-31 · accession 0001072613-23-000275 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001072613-25-000187 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001072613-26-000270 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001072613-23-000275 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001072613-24-000334 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001072613-25-000187 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001072613-26-000270 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001072613-23-000275 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001072613-24-000334 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001072613-25-000187 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001072613-26-000270 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001072613-23-000275 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001072613-24-000334 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001072613-25-000187 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001072613-26-000270 (CashAndCashEquivalentsAtCarryingValue)