MeritValue

Sight Sciences, Inc.

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

Sight Sciences, Inc. earns about -94% on invested capital, but has diluted owners by 95% 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$49M1$71.3M2$81.1M3$79.9M4$77.4M4
Net income−$63M5−$86.2M6−$55.5M7−$51.5M8−$38.4M8
Operating cash flow−$52.5M9−$76M10−$47.2M11−$22.4M12−$29.7M12
Capital expenditure$813,00013$970,00014$791,00015$385,00016$224,00016
Free cash flow (derived)−$53.4M9−$76.9M10−$48M11−$22.7M12−$29.9M12
Total debt$67.7M17$68.3M18$68.9M19$79.4M20$82.7M20
Cash & equivalents$260.7M21$185M22$138.1M23$120.4M24$92M24
Diluted shares26.7M47.8M48.6M50.1M52.1M

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
$12.26
your share of equity
Profit it earned you last year
−$7.37
Free cash flow it threw off
−$5.74
Debt you’d be carrying
$15.85

10 shares is a claim on $12.26 of net worth that earned you −$7.37 and generated −$5.74 of cash last year, against $15.85 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-94% avg · 5y
FY21 -118%FY22 -149%FY23 -77%FY24 -79%FY25 -48%

It earned an average -94% 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
+95% shares · 5y

Share count is up 95% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 22% 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 2021-12-31 · accession 0000950170-23-008526 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008526 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008526 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008526 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-008526 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0000950170-23-008526 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000950170-24-030278 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-035500 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-091558 (CashAndCashEquivalentsAtCarryingValue)