MeritValue

UTSTARCOM HOLDINGS CORP.

UTSIdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

UTSTARCOM HOLDINGS CORP. earns about -129% on invested capital, but has diluted owners by 2% 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$15.9M1$14.1M2$15.8M3$10.9M3$8.98M3
Net income−$5.83M4−$5M5−$3.85M6−$4.37M6−$7.95M6
Operating cash flow$19.8M7$7.28M8−$4.48M9−$4.46M9−$8.82M9
Capital expenditure$348,00010$250,00011$255,00012$158,00012$423,00012
Free cash flow (derived)$19.5M7$7.03M8−$4.73M9−$4.62M9−$9.24M9
Total debt—————
Cash & equivalents$53.8M13$54.5M14$50M15$43.9M15$33.8M15
Diluted shares9.0M9.1M9.1M9.2M9.2M

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
$39.72
your share of equity
Profit it earned you last year
−$8.65
Free cash flow it threw off
−$10.06
Debt you’d be carrying
—

10 shares is a claim on $39.72 of net worth that earned you −$8.65 and generated −$10.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-129% avg · 5y
FY21 -14%FY22 -79%FY23 -144%FY24 -222%FY25 -186%

It earned an average -129% 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
+2% shares · 5y

Share count is up 2% over 5 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. 20-F · period ending 2021-12-31 · accession 0000950170-24-049934 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-058802 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-177148 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-049934 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-058802 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-177148 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-049934 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-058802 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-177148 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-049934 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-058802 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-177148 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0000950170-23-015320 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0000950170-24-049934 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001193125-26-177148 (CashAndCashEquivalentsAtCarryingValue)