MeritValue

SYPRIS SOLUTIONS INC

SYPRdata completeness 75%16 fiscal years on file
The thesis, from the filings

SYPRIS SOLUTIONS INC earns about -2% on invested capital, and has bought back 3% of its shares over 5 years. 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$97.4M1$110.1M2$136.2M3$140.2M4$119.9M4
Net income$2.92M5−$2.49M6−$1.6M7−$1.68M8−$6.34M8
Operating cash flow$4.24M9$13.8M10−$11.1M11$2M12−$5.73M12
Capital expenditure$2.82M13$3.04M14$2.14M15$1.08M16$756,00016
Free cash flow (derived)$1.41M9$10.8M10−$13.2M11$921,00012−$6.49M12
Total debt—————
Cash & equivalents—————
Diluted shares23.0M21.7M21.9M22.0M22.3M

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
$7.99
your share of equity
Profit it earned you last year
−$2.85
Free cash flow it threw off
−$2.91
Debt you’d be carrying
—

10 shares is a claim on $7.99 of net worth that earned you −$2.85 and generated −$2.91 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 18%FY22 -2%FY23 -1%FY24 0%FY25 -28%

It earned an average -2% 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
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001437749-23-006810 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010216 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009524 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009882 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006810 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010216 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009524 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009882 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006810 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010216 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009524 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009882 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006810 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010216 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009524 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-009882 (PaymentsToAcquirePropertyPlantAndEquipment)