MeritValue

QUICKLOGIC Corp

QUIKdata completeness 100%17 fiscal years on file
The thesis, from the filings

QUICKLOGIC Corp earns about -38% on equity, but has diluted owners by 140715% 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 2022FY 2023FY 2023FY 2024FY 2025
Revenue$12.7M1$16.2M2$21.2M2$19.7M3$13.8M3
Net income−$6.62M4−$4.27M5−$263,0005−$3.84M6−$14.8M6
Operating cash flow−$2.86M7−$4.06M8$4.85M8$27,0009−$3.26M9
Capital expenditure$180,00010$142,00011$5.47M11$5.4M12$3.16M12
Free cash flow (derived)−$3.04M7−$4.2M8−$620,0008−$5.38M9−$6.43M9
Total debt——$1.4M13$3.1M14$2.98M15
Cash & equivalents$19.6M16$19.2M16$24.6M16$21.9M16$18.8M17
Diluted shares11,53512.6M13.5M14.5M16.2M

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
$13.83
your share of equity
Profit it earned you last year
−$9.12
Free cash flow it threw off
−$3.96
Debt you’d be carrying
$1.83

10 shares is a claim on $13.83 of net worth that earned you −$9.12 and generated −$3.96 of cash last year, against $1.83 of debt.

iii. Is this a good business?
Moat signal · return on equity
-38% avg · 5y
FY22 -72%FY23 -36%FY23 -2%FY24 -15%FY25 -66%

It earned an average -38% 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
+140715% shares · 5y

Share count is up 140715% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 113% over the same window.

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 2022-01-02 · accession 0001437749-24-009469 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-01 · accession 0001437749-25-009211 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-29 · accession 0001437749-26-010089 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-02 · accession 0001437749-24-009469 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-01 · accession 0001437749-25-009211 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-29 · accession 0001437749-26-010089 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-02 · accession 0001437749-24-009469 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-01 · accession 0001437749-25-009211 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-29 · accession 0001437749-26-010089 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-02 · accession 0001437749-24-009469 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-01 · accession 0001437749-25-009211 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-29 · accession 0001437749-26-010089 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001437749-24-009469 (LongTermDebt)
  14. 10-K · period ending 2024-12-29 · accession 0001437749-25-009211 (LongTermDebt)
  15. 10-K · period ending 2025-12-28 · accession 0001437749-26-010089 (LongTermDebt)
  16. 10-K · period ending 2022-01-02 · accession 0001437749-25-009211 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2025-12-31 · accession 0001437749-26-010089 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)