MeritValue

VivoPower PLC

VIVOdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

VivoPower PLC earns about -29% on invested capital, and has bought back 32% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$24M1$10.2M2$4.06M3$16,0003$61,0003
Net income−$7.57M4−$22.1M5−$24.4M6−$46.7M6−$12.8M6
Operating cash flow−$15.4M7−$5.13M8−$5.44M9$1.49M9−$5.75M9
Capital expenditure$937,00010$1.17M11$1.03M12$609,00012$985,00012
Free cash flow (derived)−$16.3M7−$6.3M8−$6.47M9$884,0009−$6.73M9
Total debt$23.1M13$28.6M14$32.4M15$29.1M15$29.2M15
Cash & equivalents$8.6M16$1.29M17$553,00017$199,00017$60,00017
Diluted shares18.5M25.8M25.8M4.4M12.5M

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
$16.05
your share of equity
Profit it earned you last year
−$10.21
Free cash flow it threw off
−$5.38
Debt you’d be carrying
$23.3

10 shares is a claim on $16.05 of net worth that earned you −$10.21 and generated −$5.38 of cash last year, against $23.3 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-29% avg · 5y
FY21 -12%FY22 -38%FY23 -43%FY24 —FY25 -24%

It earned an average -29% 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
−32% shares · 5y

Share count is down 32% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 26% 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
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/A · period ending 2021-06-30 · accession 0001437749-24-005075 (Revenue)
  2. 20-F · period ending 2022-06-30 · accession 0001493152-24-050824 (Revenue)
  3. 20-F/A · period ending 2023-06-30 · accession 0001493152-25-021108 (Revenue)
  4. 20-F/A · period ending 2021-06-30 · accession 0001437749-24-005075 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-06-30 · accession 0001493152-24-050824 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F/A · period ending 2023-06-30 · accession 0001493152-25-021108 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F/A · period ending 2021-06-30 · accession 0001437749-24-005075 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001493152-24-050824 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F/A · period ending 2023-06-30 · accession 0001493152-25-021108 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-06-30 · accession 0001437749-24-005075 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-06-30 · accession 0001493152-24-050824 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F/A · period ending 2023-06-30 · accession 0001493152-25-021108 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F/A · period ending 2021-06-30 · accession 0001437749-24-005075 (Borrowings)
  14. 20-F · period ending 2022-06-30 · accession 0001493152-24-050824 (Borrowings)
  15. 20-F/A · period ending 2023-06-30 · accession 0001493152-25-021108 (Borrowings)
  16. 20-F · period ending 2021-06-30 · accession 0001493152-24-050824 (CashAndCashEquivalents)
  17. 20-F/A · period ending 2022-06-30 · accession 0001493152-25-021108 (CashAndCashEquivalents)