Perfect Corp.
PERFdata completeness 88%6 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Perfect Corp. earns about -146% on invested capital, below its ~9% cost of capital, but has diluted owners by 92% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.47 and $8.78 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $40.8M1 | $47.3M2 | $53.5M3 | $60.2M3 | $69.2M3 |
| Net income | −$156.9M4 | −$161.7M5 | $5.42M6 | $5.02M6 | $4.64M6 |
| Operating cash flow | $1.55M7 | −$3.31M8 | $13.6M9 | $13M9 | $13.3M9 |
| Capital expenditure | $154,00010 | $165,00011 | $289,00012 | $392,00012 | $425,00012 |
| Free cash flow (derived) | $1.39M7 | −$3.47M8 | $13.3M9 | $12.6M9 | $12.9M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $80.5M13 | $162.6M14 | $123.9M14 | $127.1M14 | $126M14 |
| Diluted shares | 53.0M | 68.3M | 118.0M | 101.8M | 101.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $15.03 of net worth that earned you $0.46 and generated $1.26 of cash last year.
It earned about -146% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 92% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.47 and $8.78 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$12.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$12.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$4.64M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.04 |
| Base | 20.0% | $5.36 |
| Bull | 20.0% | $5.36 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001899830-24-000014 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001899830-25-000015 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001899830-26-000013 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001899830-24-000014 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001899830-25-000015 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001899830-26-000013 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001899830-24-000014 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001899830-25-000015 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001899830-26-000013 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001899830-24-000014 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001899830-25-000015 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001899830-26-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001899830-25-000015 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001899830-26-000013 (CashAndCashEquivalents)