MeritValue

SYNTEC OPTICS HOLDINGS, INC.

OPTXdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SYNTEC OPTICS HOLDINGS, INC. earns about -4% on invested capital, but has diluted owners by 17% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$27.8M1$29.4M2$28.4M3$28.1M3
Net income−$434,5694$1.98M5−$2.48M6−$1.79M6
Operating cash flow$1.93M7$2.79M8−$942,8309$672,6359
Capital expenditure$1.24M10$1.92M11$1.24M12$644,29212
Free cash flow (derived)$687,0787$871,0418−$2.18M9$28,3439
Total debt$7.08M13$4.78M14$6.17M15$5.26M15
Cash & equivalents$117,50616———
Diluted shares31.6M32.4M36.7M36.9M

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
$2.58
your share of equity
Profit it earned you last year
−$0.49
Free cash flow it threw off
$0.01
Debt you’d be carrying
$1.42

10 shares is a claim on $2.58 of net worth that earned you −$0.49 and generated $0.01 of cash last year, against $1.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 4y
FY22 -3%FY23 7%FY24 -14%FY25 -7%

It earned an average -4% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+17% shares · 4y

Share count is up 17% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 26% — 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$28,343
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$28,343
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 2022-12-31 · accession 0001493152-24-021130 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001493152-25-016960 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-021130 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001493152-25-016960 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014180 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-021130 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001493152-25-016960 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-021130 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-016960 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014180 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-021130 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-25-016960 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-014180 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-23-002997 (CashAndCashEquivalentsAtCarryingValue)