MeritValue

VEEA INC.

VEEAdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$9.07M1$141,7601$222,0182
Net income$6.59M3$10.6M4−$15.6M5−$47.5M6−$6.66M6
Operating cash flow−$2.14M7−$1.02M8−$12.7M9−$25.6M10−$15.2M10
Capital expenditure——$34,96611$46,20412$8,20912
Free cash flow (derived)——−$12.7M9−$25.6M10−$15.2M10
Total debt——$23.9M13$12.8M13—
Cash & equivalents$107,22414$86,40115$6.01M16$1.69M16$133,86017
Diluted shares——16.2M25.3M42.8M

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
−$2.28
your share of equity
Profit it earned you last year
−$1.56
Free cash flow it threw off
−$3.56
Debt you’d be carrying
—

10 shares is a claim on −$2.28 of net worth that earned you −$1.56 and generated −$3.56 of cash last year.

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
+165% shares · 5y

Share count is up 165% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 46% — deleveraging.

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 v0.5.0
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 2023-12-31 · accession 0001213900-25-032215 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001213900-26-043667 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001193125-23-103855 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-019042 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-032215 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-043667 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001193125-23-103855 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-019042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-032215 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-043667 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-032215 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-043667 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-032215 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001193125-22-113668 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-019042 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-032215 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-12-31 · accession 0001213900-26-043667 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)