MeritValue

Veritone, Inc.

VERIdata completeness 88%10 fiscal years on file
The thesis, from the filings

Veritone, Inc. earns about -178% on invested capital, but has diluted owners by 90% 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$115.3M1$149.7M2$100M3$92.6M4$92.2M4
Net income−$64.7M5−$25.6M6−$58.6M7−$37.4M8−$111.7M8
Operating cash flow$7.23M9$3.74M10−$76.4M11−$24.7M12−$53.2M12
Capital expenditure$1.02M13$4.77M14$4.73M15$6.1M16$4.98M16
Free cash flow (derived)$6.22M9−$1.03M10−$81.1M11−$30.8M12−$58.2M12
Total debt——$77.5M17$41.2M18—
Cash & equivalents$254.7M19$184.4M20$46.6M21$16.9M22$27.4M22
Diluted shares33.3M36.0M36.9M38.0M63.3M

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
$10.76
your share of equity
Profit it earned you last year
−$17.65
Free cash flow it threw off
−$9.19
Debt you’d be carrying
—

10 shares is a claim on $10.76 of net worth that earned you −$17.65 and generated −$9.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-178% avg · 5y
FY21 —FY22 —FY23 -82%FY24 -235%FY25 -217%

It earned an average -178% 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
+90% shares · 5y

Share count is up 90% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 47% — 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 v0.1.0
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 0000950170-23-008493 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038819 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-048602 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-025214 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008493 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038819 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-048602 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-025214 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008493 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038819 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-048602 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-025214 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008493 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038819 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-048602 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-025214 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-24-038819 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0000950170-25-048602 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0000950170-23-008493 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0000950170-24-038819 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0000950170-25-048602 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001628280-26-025214 (CashAndCashEquivalentsAtCarryingValue)