MeritValue

Navitas Semiconductor Corp

NVTSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Navitas Semiconductor Corp earns about -26% on invested capital, but has diluted owners by 425% over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$23.7M1$37.9M2$79.5M3$83.3M4$45.9M4
Net income−$152.7M5$73.9M6−$145.4M7−$84.6M7−$117M8
Operating cash flow−$41.7M9−$44.5M10−$41.4M11−$58.8M12−$42.9M12
Capital expenditure$2.07M13$4.64M14$4.78M15$6.77M16$1.48M16
Free cash flow (derived)−$43.8M9−$49.1M10−$46.2M11−$65.6M12−$44.4M12
Total debt$6.92M17$017———
Cash & equivalents$268.3M18$110.3M19$151.9M20$86.7M21$236.9M21
Diluted shares39.2M145.7M168.9M182.5M205.6M

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
$21.58
your share of equity
Profit it earned you last year
−$5.69
Free cash flow it threw off
−$2.16
Debt you’d be carrying
—

10 shares is a claim on $21.58 of net worth that earned you −$5.69 and generated −$2.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY21 —FY22 18%FY23 -51%FY24 -27%FY25 -45%

It earned an average -26% 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
+425% shares · 5y

Share count is up 425% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 0001821769-23-000049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001821769-24-000088 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001821769-25-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001821769-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001821769-23-000049 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001821769-24-000088 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001821769-25-000021 (NetIncomeLoss)
  8. 10-K · period ending 2025-12-31 · accession 0001821769-26-000007 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001821769-23-000049 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001821769-24-000088 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001821769-25-000021 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001821769-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001821769-23-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001821769-24-000088 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001821769-25-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001821769-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001821769-23-000049 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001821769-23-000049 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2022-12-31 · accession 0001821769-24-000088 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001821769-25-000021 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001821769-26-000007 (CashAndCashEquivalentsAtCarryingValue)