MeritValue

Vislink Technologies, Inc.

VISLdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Vislink Technologies, Inc. earns about -71% on invested capital, and has bought back 89% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$22.9M1$33.9M2$28.1M3$27.5M4$27.7M4
Net income−$17.6M5−$16.4M6−$13.5M7−$9.13M8−$20.5M8
Operating cash flow−$14.4M9−$9.6M10−$9.42M11−$9.75M12−$6.84M12
Capital expenditure$258,00013$201,00014$466,00015$698,00016$519,00016
Free cash flow (derived)−$14.6M9−$9.8M10−$9.89M11−$10.4M12−$7.36M12
Total debt—————
Cash & equivalents$5.19M17$36.2M18$25.6M19$8.48M20$5.5M20
Diluted shares21.4M43.5M2.3M2.4M2.5M

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
$70.06
your share of equity
Profit it earned you last year
−$83.47
Free cash flow it threw off
−$29.97
Debt you’d be carrying
—

10 shares is a claim on $70.06 of net worth that earned you −$83.47 and generated −$29.97 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-71% avg · 5y
FY20 —FY21 -63%FY22 -60%FY23 -24%FY24 -137%

It earned an average -71% 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
−89% shares · 5y

Share count is down 89% 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 2020-12-31 · accession 0001493152-22-008597 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-010183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-013015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-008150 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001493152-22-008597 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-010183 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-013015 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-008150 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001493152-22-008597 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-010183 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-013015 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-008150 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001493152-22-008597 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010183 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-013015 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-008150 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2020-12-31 · accession 0001493152-22-008597 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-010183 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-013015 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-008150 (CashAndCashEquivalentsAtCarryingValue)