MeritValue

Shimmick Corp

SHIMdata completeness 100%4 fiscal years on file
The thesis, from the filings

Shimmick Corp earns about -15% on invested capital, but has diluted owners by 59% 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 2025FY 2026
Revenue$664.2M1$632.8M2$480.2M3$492.8M3
Net income$3.76M4−$2.55M5−$124.7M6−$25.6M6
Operating cash flow−$3.08M7−$88.1M8−$21.3M9−$65.1M9
Capital expenditure$10.4M10$7.04M11$10.5M12$6.37M12
Free cash flow (derived)−$13.5M7−$95.1M8−$31.7M9−$71.5M9
Total debt$013$59.3M14$19M15$124.8M15
Cash & equivalents$77.8M16$62.9M17$33.7M18$20M18
Diluted shares21,90922,35630,40634,770

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
−$16,289.91
your share of equity
Profit it earned you last year
−$7,358.07
Free cash flow it threw off
−$20,559.39
Debt you’d be carrying
$35,885.82

10 shares is a claim on −$16,289.91 of net worth that earned you −$7,358.07 and generated −$20,559.39 of cash last year, against $35,885.82 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-15% avg · 4y
FY22 —FY23 -0%FY25 —FY26 -31%

It earned an average -15% 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
+59% shares · 4y

Share count is up 59% over 4 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.

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 2022-12-30 · accession 0000950170-24-038024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-30 · accession 0000950170-24-038024 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (NetIncomeLoss)
  6. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-30 · accession 0000950170-24-038024 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-30 · accession 0000950170-24-038024 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-30 · accession 0000950170-24-038024 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-30 · accession 0000950170-24-038024 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-29 · accession 0000950170-25-042721 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-01-03 · accession 0001193125-26-105064 (CashAndCashEquivalentsAtCarryingValue)