Microvision, Inc. (NASDAQ: MVIS)

Sector: Technology Industry: Scientific & Technical Instruments CIK: 0000065770
Market Cap 224.53 Mn
P/B 2.48
P/E -2.54
P/S 85.21
ROIC (Qtr) -45.69
Div Yield % 0.00
Rev 1y % (Qtr) 26.84
Total Debt (Qtr) 46.60 Mn
Debt/Equity (Qtr) 0.51

About

MicroVision, Inc. (MVIS) is a global developer and supplier of lidar hardware and software solutions, with a particular focus on the automotive lidar and advanced driver-assistance systems (ADAS) markets. The company, headquartered in Redmond, Washington, was established in 1993 and has since built a reputation for delivering LBS- and MEMS-based hardware and related firmware and software that meet the reliability, predictability, and scalability standards of well-known OEMs and ODMs. MicroVision's main business activities revolve around the design,...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 73.16M provide 2.28x coverage of short-term debt 32.13M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 140.54M provides 3.02x coverage of total debt 46.60M, indicating robust asset backing and low credit risk.
  • Tangible assets of 140.54M provide exceptional 956.06x coverage of deferred revenue 147000, showing strong service capability backing.
  • Short-term investments of 26.68M provide solid 4.15x coverage of other current liabilities 6.43M, indicating strong liquidity.
  • Tangible assets of 140.54M provide robust 21.86x coverage of other current liabilities 6.43M, indicating strong asset backing.

Bear case

  • Investment activities of (123000) provide weak support for R&D spending of 31.80M, which is -0x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (58.37M) provides insufficient coverage of deferred revenue obligations of 147000, which is -397.08x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (58.37M) shows concerning coverage of stock compensation expenses of 4.26M, with a -13.70 ratio indicating potential earnings quality issues.
  • Free cash flow of (58.91M) provides weak coverage of capital expenditures of 538000, with a -109.50 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (58.37M) provides minimal -139.31x coverage of tax expenses of 419000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer comparison

Companies in the Scientific & Technical Instruments
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GRMN Garmin Ltd 38.77 Bn 24.68 5.58 0.16 Bn
2 KEYS Keysight Technologies, Inc. 34.91 Bn 41.07 6.49 2.78 Bn
3 COHR Coherent Corp. 28.91 Bn 244.51 4.78 3.51 Bn
4 TDY Teledyne Technologies Inc 23.87 Bn 29.19 3.98 2.53 Bn
5 TRMB Trimble Inc. 19.54 Bn 54.65 5.43 1.39 Bn
6 FTV Fortive Corp 18.68 Bn 31.02 3.31 3.31 Bn
7 MKSI Mks Inc 10.78 Bn 38.63 2.81 4.55 Bn
8 CGNX Cognex Corp 6.14 Bn 55.76 6.32 0.08 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.33 2.20
EV to Cash from Ops. EV/CFO -3.45 9.84
EV to Debt EV to Debt 4.32 22.70
EV to EBIT EV/EBIT -3.04 15.74
EV to EBITDA EV/EBITDA -3.74 11.58
EV to Free Cash Flow [EV/FCF] EV/FCF -3.42 24.79
EV to Market Cap EV to Market Cap 0.90 -2.78
EV to Revenue EV/Rev 76.40 6.45
Price to Book Value [P/B] P/B 2.48 7.12
Price to Earnings [P/E] P/E -2.54 13.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -16.40
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -7.19
Dividend per Basic Share Div per Share (Qtr) 0.00 0.31
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.83
Interest Coverage Int. cover (Qtr) -3.05 -13.61
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -139.11 -21.70
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 335.66 101.63
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.97
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 22.04 19.84
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 32.76 17.31
EBIT Growth (1y) % EBIT 1y % (Qtr) 21.58 20.90
EBT Growth (1y) % EBT 1y % (Qtr) -3.98 82.68
EPS Growth (1y) % EPS 1y % (Qtr) 9.76 65.55
FCF Growth (1y) % FCF 1y % (Qtr) 16.19 32.88
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -196.68 34.27
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.49
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 1.83 2.99
Current Ratio Curr Ratio (Qtr) 2.88 4.83
Debt to Equity Ratio Debt/Equity (Qtr) 0.51 0.67
Interest Cover Ratio Int Coverage (Qtr) -3.05 -13.61
Times Interest Earned Times Interest Earned (Qtr) -3.05 -13.61
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -2,285.10 -296.15
EBIT Margin % EBIT Margin % (Qtr) -2,513.62 -316.09
EBT Margin % EBT Margin % (Qtr) -3,338.18 -351.37
Gross Margin % Gross Margin % (Qtr) -140.60 40.05
Net Profit Margin % Net Margin % (Qtr) -3,354.10 -354.10