MeritValue

UNISYS CORP

UISdata completeness 100%18 fiscal years on file
The thesis, from the filings

The estimate methods put fair value between $6.34 and $7.22 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 2025
Revenue$1.75B1$1.7B1$1.73B1$2.01B2$1.95B2
Net income−$448.5M3−$106M4−$430.7M5−$193.4M5−$339.8M5
Operating cash flow$132.5M6$12.7M7$74.2M8$135.1M8−$140M8
Capital expenditure$27.3M9$31M10$32.7M11$32.3M11$30M11
Free cash flow (derived)$105.2M6−$18.3M7$41.5M8$102.8M8−$170M8
Total debt$526.7M12$512M13$503.9M14$490.4M15$700.5M16
Cash & equivalents$552.9M17$391.8M18$387.7M19$376.5M20$413.9M20
Diluted shares66.5M67.7M68.3M69.2M71.0M

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
−$39.81
your share of equity
Profit it earned you last year
−$47.86
Free cash flow it threw off
−$23.95
Debt you’d be carrying
$98.67

10 shares is a claim on −$39.81 of net worth that earned you −$47.86 and generated −$23.95 of cash last year, against $98.67 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 33% 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

The 2 estimate methods that apply put fair value between $6.34 and $7.22 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$7.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$41.5M
DCF · Growth Exit 5Y
$6.34
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$41.5M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $6.34
The three cases
Bear0.0%$4.32
Base5.0%$6.34
Bull10.0%$8.76

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000746838-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0000746838-26-000006 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0000746838-24-000005 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000746838-25-000008 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000746838-26-000006 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000746838-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000746838-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000746838-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000746838-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000746838-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000746838-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2021-12-31 · accession 0001193125-22-292053 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0000746838-23-000009 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0000746838-24-000005 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0000746838-25-000008 (LongTermDebt)
  16. 10-K · period ending 2025-12-31 · accession 0000746838-26-000006 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000746838-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000746838-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000746838-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000746838-26-000006 (CashAndCashEquivalentsAtCarryingValue)