MeritValue

Xperi Inc.

XPERdata completeness 100%6 fiscal years on file
The thesis, from the filings

Xperi Inc. earns about -44% on invested capital, but has diluted owners by 9% 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$486.5M1$502.3M2$521.3M3$493.7M3$448.1M3
Net income−$175.6M4−$757.5M5−$136.6M6−$14M6−$56.3M6
Operating cash flow−$23.5M7−$28.4M8$62,0009−$55.3M9−$515,0009
Capital expenditure$8.89M10$13.1M11$6.82M12$5.04M12$5.38M12
Free cash flow (derived)−$32.3M7−$41.5M8−$6.75M9−$60.4M9−$5.9M9
Total debt—$50M13$50M14$77.7M15$67.7M15
Cash & equivalents$120.7M16$160.1M17$142.1M18$130.6M18$96.8M18
Diluted shares42.0M42.0M43.0M45.1M45.9M

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
$90.27
your share of equity
Profit it earned you last year
−$12.28
Free cash flow it threw off
−$1.29
Debt you’d be carrying
$14.75

10 shares is a claim on $90.27 of net worth that earned you −$12.28 and generated −$1.29 of cash last year, against $14.75 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-44% avg · 5y
FY21 -14%FY22 -167%FY23 -32%FY24 2%FY25 -8%

It earned an average -44% 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
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 35% 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. 10-K · period ending 2021-12-31 · accession 0000950170-24-023915 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076849 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023915 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029159 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076849 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023915 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029159 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076849 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023915 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029159 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076849 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-023915 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-029159 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-076849 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-24-023915 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-25-029159 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001193125-26-076849 (CashAndCashEquivalentsAtCarryingValue)