MeritValue

STAAR SURGICAL CO

STAAdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

STAAR SURGICAL CO earns about 7% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $4.46 a share.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 2026
Revenue$230.5M1$239.4M2$322.4M2$313.9M2$239.4M2
Net income$27.5M3$39.7M4$21.3M5−$20.2M5−$80.4M5
Operating cash flow$44M6$35.7M7$14.6M8$15.7M8−$34.2M8
Capital expenditure$13.6M9$18.1M10$18.2M11$23.4M11$5.82M11
Free cash flow (derived)$30.3M6$17.6M7−$3.59M8−$7.67M8−$40.1M8
Total debt—————
Cash & equivalents$199.7M12$86.5M13$183M14$144.2M15$153.2M15
Diluted shares49.5M49.4M49.4M49.1M49.6M

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
$69.44
your share of equity
Profit it earned you last year
−$16.23
Free cash flow it threw off
−$8.08
Debt you’d be carrying
—

10 shares is a claim on $69.44 of net worth that earned you −$16.23 and generated −$8.08 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 44%FY22 16%FY23 11%FY24 -3%FY26 -34%

It earned an average 7% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
$4.46
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$21.3M
  • growthAssumed0.0%
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 0000950170-24-020572 (Revenues)
  2. 10-K · period ending 2022-12-30 · accession 0000718937-26-000004 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-24-020572 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-30 · accession 0000950170-25-024813 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-29 · accession 0000718937-26-000004 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-24-020572 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-30 · accession 0000950170-25-024813 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-29 · accession 0000718937-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-020572 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-30 · accession 0000950170-25-024813 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-29 · accession 0000718937-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001564590-23-002249 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-30 · accession 0000950170-24-020572 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-29 · accession 0000950170-25-024813 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-27 · accession 0000718937-26-000004 (CashAndCashEquivalentsAtCarryingValue)