MeritValue

VIVIC CORP.

VIVCdata completeness 88%9 fiscal years on file
The thesis, from the filings

VIVIC CORP. earns about -31% on invested capital, but has diluted owners by 6% 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 2022FY 2023FY 2023FY 2024FY 2025
Revenue$106,3221—$1.6M2$5.95M3$44,5153
Net income−$944,3964−$780,3265$1.5M4$2.85M6−$3.45M6
Operating cash flow$3,1937−$926,0788−$207,9357−$261,4889−$458,6459
Capital expenditure$142,82010————
Free cash flow (derived)−$139,6277————
Total debt——$87,50011$611,38312$652,95613
Cash & equivalents$73,99814$899,56715$72,90714$310,85916$41,90316
Diluted shares25.5M23.1M26.2M35.0M27.0M

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
$0.67
your share of equity
Profit it earned you last year
−$1.28
Free cash flow it threw off
—
Debt you’d be carrying
$0.24

10 shares is a claim on $0.67 of net worth that earned you −$1.28 last year, against $0.24 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-31% avg · 5y
FY22 —FY23 —FY23 -11%FY24 34%FY25 -115%

It earned an average -31% 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
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 646% 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
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001549727-23-000010 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001493152-24-014695 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001493152-25-016319 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-014695 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001493152-24-042140 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001493152-25-016319 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014695 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001493152-24-042140 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001493152-25-016319 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001549727-23-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-24-014695 (LongTermDebt)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-016319 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2025-06-30 · accession 0001493152-25-016319 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014695 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0001493152-24-042140 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0001493152-25-016319 (CashAndCashEquivalentsAtCarryingValue)