MeritValue

Vuzix Corp

VUZIdata completeness 88%17 fiscal years on file
The thesis, from the filings

Vuzix Corp earns about -262% on invested capital, but has diluted owners by 27% 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$13.2M1$11.8M2$12.1M3$5.75M3$6.28M3
Net income−$40.4M4−$40.8M5−$50.1M6−$73.5M6−$32.3M6
Operating cash flow−$27M7−$24.5M8−$26.3M9−$23.7M9−$18.8M9
Capital expenditure$3.81M10$1.72M11$5.32M12$1.36M12$2.01M12
Free cash flow (derived)−$30.8M7−$26.2M8−$31.6M9−$25.1M9−$20.8M9
Total debt—————
Cash & equivalents$120.2M13$72.6M14$26.6M15$18.2M16$21.2M16
Diluted shares61.1M63.7M63.4M67.8M77.6M

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
$3.18
your share of equity
Profit it earned you last year
−$4.16
Free cash flow it threw off
−$2.68
Debt you’d be carrying
—

10 shares is a claim on $3.18 of net worth that earned you −$4.16 and generated −$2.68 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-262% avg · 5y
FY21 -136%FY22 -75%FY23 -73%FY24 -304%FY25 -722%

It earned an average -262% 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
+27% shares · 5y

Share count is up 27% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001558370-24-005117 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002903 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-027163 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-005117 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002903 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-027163 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-005117 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002903 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-027163 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-005117 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-002903 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-027163 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002560 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-005117 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002903 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-027163 (CashAndCashEquivalentsAtCarryingValue)