MeritValue

Owlet, Inc.

OWLTdata completeness 100%6 fiscal years on file
The thesis, from the filings

Owlet, Inc. earns about -169% on equity, and has bought back 71% 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$75.8M1$69.2M2$54M3$78.1M4$105.7M4
Net income−$71.7M5−$79.3M6−$32.9M7−$12.5M8−$39.7M8
Operating cash flow−$40.6M9−$81.4M10−$23.5M11−$11.2M12−$10.8M12
Capital expenditure$969,00013$636,00014$16,00015$35,00016$273,00016
Free cash flow (derived)−$41.5M9−$82M10−$23.5M11−$11.2M12−$11.1M12
Total debt$33.1M17$20.7M18$21.1M19$11.7M20$13M20
Cash & equivalents$95.1M21$11.2M22$16.6M23$20.2M24$35.5M24
Diluted shares63.2M8.0M8.3M11.0M18.1M

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
$10.52
your share of equity
Profit it earned you last year
−$21.93
Free cash flow it threw off
−$6.12
Debt you’d be carrying
$7.2

10 shares is a claim on $10.52 of net worth that earned you −$21.93 and generated −$6.12 of cash last year, against $7.2 of debt.

iii. Is this a good business?
Moat signal · return on equity
-169% avg · 5y
FY21 -130%FY22 —FY23 —FY24 —FY25 -208%

It earned an average -169% 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
−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 61% — 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 0001628280-23-011016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-011016 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-011016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-011016 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-011016 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-011016 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-24-010048 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001628280-25-012035 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001816708-26-000018 (CashAndCashEquivalentsAtCarryingValue)