10 Year Financial Data of Wave Systems Corporation (WAVX)

0.41 (1y: -56%)

Market Cap	50.32 M	P/E(ttm)
Enterprise Value	49.12 M	P/B

WAVX- NAS (USA)
Wave Systems Corporation

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$0.41

4 Severe Warning Signs 1 Medium Warning Sign 2 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	54.1	18.4	-34.1
EBITDA Growth (%)	-23.5	9.7	0
Free Cash Flow Growth (%)	-29.6	-13.5	0
Book Value Growth (%)	0	0	-237.5

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	0.01	0.01	0.04	0.08	0.14	0.16	0.28	0.33	0.43	0.30	0.27	0.08	0.08	0.07	0.07	0.05
EBITDA per Share	-1.06	-0.79	-0.63	-0.50	-0.43	-0.36	-0.04	-0.05	-0.12	-0.33	-0.33	-0.09	-0.06	-0.06	-0.12	-0.09
Free Cashflow per Share	-1.04	-0.78	-0.62	-0.47	-0.40	-0.23	-0.07	-0.05	-0.03	-0.17	-0.13	-0.04	-0.04	-0.05	-0.03	-0.01
Earnings per Share ($)	-1.35	-0.63	-0.63	-0.51	-0.43	-0.38	-0.05	-0.05	-0.13	-0.35	-0.36	-0.09	-0.07	-0.06	-0.13	-0.10
Book Value per Share	0.75	0.20	-0.01	0.16	0.05	-0.11	-0.03	0.03	0.14	-0.03	-0.11	0.08	0.06	0.06	-0.03	-0.11
Month End Stock Price	4.92	3.43	2.04	2.53	1.45	0.37	1.42	3.94	2.17	0.72	0.68	1.86	0.69	0.94	0.72	0.68
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	-140	-308	--	-317	-799	--	--	-153	-93.50	--	--	-467	-490	-426	--	--
Return on Assets %	-108	-172	-512	-201	-330	-599	-52.90	-24.10	-35.80	-182	-379	-130	-106	-103	-280	-379
Return on Capital - Joel Greenblatt %	-359	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Debt to Equity	0.07	0.11	-0.02	--	--	-0.05	-0.13	0.07	0.01	-0.55	-0.06	0.01	0.18	0.13	-0.55	-0.06

Gross Margin %	70.90	27.80	28.70	68.50	87.10	90.60	92.60	93.20	95.10	77.50	63.00	92.50	93.10	94.20	29.60	63.00
Operating Margin %	-11,145	-9,115	-1,788	-608	-322	-233	-17.60	-15.80	-30.10	-117	-175	-119	-83.10	-87.10	-181	-175
Net Margin %	-10,368	-6,937	-1,725	-603	-316	-233	-17.70	-15.80	-29.90	-118	-176	-119	-84.00	-87.60	-183	-176

Days Sales Outstanding	12,215	1,261	120	74.50	67.40	70.50	74.40	163	72.70	86.50	54.80	56.00	53.10	44.90	87.20	54.80

Debt to Revenue	5.25	2.36	0.00	--	--	0.04	0.01	0.01	0.00	0.06	0.11	0.01	0.12	0.11	0.22	0.11
COGS to Revenue	0.29	0.73	0.71	0.32	0.13	0.09	0.07	0.07	0.05	0.22	0.37	0.08	0.07	0.06	0.70	0.37
Interest Exp. to Revenue %	39.68	11.96	6.97	5.26	5.30	-0.11	-0.10	-0.06	-0.01	-0.69	-1.00	--	-0.79	-0.53	-1.39	-1.00

Asset Turnover	0.01	0.03	0.30	0.33	1.05	2.57	2.99	1.53	1.20	1.55	0.54	0.27	0.32	0.29	0.38	0.54
Buyback Ratio	85.30	57.20	74.90	124	73.00	34.10	164	--	--	40.20	11.50	28.40	42.70	91.70	22.40	11.50
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	0.19	0.21	1.02	3.12	6.31	8.81	18.89	26.05	36.14	28.85	27.66	6.98	7.76	6.97	7.13	5.79
Cost of Goods Sold	0.06	0.15	0.73	0.98	0.81	0.82	1.40	1.78	1.78	6.48	8.10	0.53	0.53	0.40	5.02	2.15
Gross Profit	0.13	0.06	0.29	2.13	5.50	7.99	17.49	24.27	34.36	22.37	19.56	6.46	7.23	6.57	2.11	3.65

Selling, General, &Admin. Expense	13.81	12.26	11.56	12.60	15.22	16.38	12.99	18.09	28.13	33.02	30.61	9.77	8.63	7.85	6.78	7.37
Research &Development	7.39	6.85	6.94	8.49	10.56	11.70	7.83	10.29	16.09	19.06	17.89	5.02	5.05	4.79	4.19	3.85
Earnings Before DDA	-19.82	-18.20	-17.36	-18.29	-19.93	-20.15	-3.07	-3.70	-9.89	-31.63	-33.67	-7.81	-5.90	-5.54	-12.39	-9.84

Depreciation, Depletion and Amortization	1.24	0.86	0.84	0.66	0.36	0.40	0.26	0.41	1.01	2.13	1.92	0.53	0.55	0.54	0.52	0.32

Operating Income	-21.06	-19.05	-18.21	-18.95	-20.29	-20.54	-3.33	-4.11	-10.89	-33.77	-35.59	-8.34	-6.45	-6.07	-12.91	-10.16
Interest Income/Expense	0.08	0.03	0.07	0.16	0.33	-0.01	-0.02	-0.02	-0.01	-0.20	-0.26	--	-0.06	-0.04	-0.10	-0.06
Net Income	-19.60	-14.50	-17.56	-18.79	-19.95	-20.55	-3.35	-4.12	-10.80	-33.96	-35.86	-8.31	-6.52	-6.11	-13.02	-10.21

Preferred dividends	5.70	--	--	--	--	0.66	--	--	--	--	--	--	--	--	--	--
Earnings per Share ($)	-1.35	-0.63	-0.63	-0.51	-0.43	-0.38	-0.05	-0.05	-0.13	-0.35	-0.36	-0.09	-0.07	-0.06	-0.13	-0.10
Total Shares Outstanding	18.63	23.01	27.72	36.74	46.66	55.38	68.53	79.92	84.35	96.21	105	90.23	92.48	97.99	104	105
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	8.82	5.81	2.01	7.97	3.71	0.95	1.90	3.60	3.39	2.11	1.82	2.26	1.57	2.16	2.11	1.82
Accounts Receivable	6.33	0.72	0.34	0.64	1.17	1.70	3.85	11.60	7.20	6.84	3.49	4.30	4.53	3.44	6.84	3.49
Other Current Assets	0.42	0.27	0.14	0.21	0.34	0.23	0.21	0.32	0.82	0.42	0.62	0.80	0.76	0.89	0.42	0.62
Total Current Assets	15.56	6.80	2.48	8.81	5.22	2.88	5.96	15.51	11.41	9.37	5.93	7.35	6.86	6.49	9.37	5.93

Property, Plant and Equipment	2.29	1.44	0.75	0.42	0.68	0.41	0.24	0.51	1.24	0.87	0.83	1.16	1.08	0.98	0.87	0.83
Intangible Assets	--	--	--	--	--	--	--	0.95	17.14	8.07	3.68	16.74	16.33	15.93	8.07	3.68
Other Long Term Assets	0.31	0.22	0.20	0.13	0.14	0.14	0.13	0.12	0.34	0.32	0.33	0.33	0.33	0.32	0.32	0.33
Total Assets	18.16	8.46	3.43	9.36	6.04	3.43	6.33	17.08	30.12	18.63	10.77	25.58	24.60	23.72	18.63	10.77

Accounts Payable	2.84	2.90	3.09	3.04	3.25	7.66	4.44	4.40	6.44	7.36	8.62	7.57	7.79	7.37	7.36	8.62
Current Portion of Long-Term Debt	--	--	--	--	--	0.06	0.06	0.07	0.07	1.58	0.63	0.07	0.93	0.74	1.58	0.63
Other Current Liabilities	0.32	0.35	0.50	0.40	0.29	1.48	3.50	8.45	6.88	6.16	6.48	5.66	5.15	4.49	6.16	6.48
Total Current Liabilities	3.15	3.25	3.59	3.44	3.54	9.20	8.00	12.92	13.39	15.10	15.73	13.30	13.86	12.59	15.10	15.73

Long-Term Debt	0.99	0.49	0.00	--	--	0.25	0.18	0.12	0.05	--	--	0.03	0.01	--	--	--
Other Long-Term Liabilities	--	0.00	--	--	--	0.00	0.00	1.35	5.15	6.40	6.47	5.13	5.40	5.41	6.40	6.47
Total Liabilities	4.15	3.74	3.60	3.44	3.54	9.45	8.19	14.39	18.58	21.50	22.20	18.46	19.27	17.99	21.50	22.20

Common Stock	0.67	0.76	0.94	0.42	0.50	0.59	0.75	0.81	0.90	1.05	1.07	0.91	0.94	1.01	1.05	1.07
Retained Earnings	-253	-267	-285	-304	-323	-345	-348	-352	-363	-397	-407	-371	-378	-384	-397	-407
Additional Paid-In Capital	262	271	284	309	325	338	345	354	374	393	395	377	382	389	393	395
Total Equity	14.01	4.71	-0.17	5.92	2.50	-6.02	-1.86	2.70	11.54	-2.87	-11.43	7.12	5.33	5.73	-2.87	-11.43
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	-19.60	-14.50	-17.56	-18.79	-19.95	-20.55	-3.35	-4.12	-10.80	-33.96	-35.86	-8.31	-6.52	-6.11	-13.02	-10.21
Depreciation, Depletion and Amortization	1.24	0.86	0.84	0.66	0.36	0.40	0.26	0.41	1.01	2.13	1.92	0.53	0.55	0.54	0.52	0.32
Cash Flow from Others	-0.12	-4.11	-0.40	1.10	1.41	7.72	-1.59	1.24	8.56	16.08	20.40	4.18	1.93	1.05	8.91	8.51
Cash Flow from Operations	-18.48	-17.76	-17.12	-17.03	-18.19	-12.43	-4.68	-2.48	-1.23	-15.76	-13.55	-3.60	-4.05	-4.52	-3.59	-1.39

Investment for Property, Plant & Equipement	-0.99	-0.30	-0.16	-0.33	-0.62	-0.23	-0.09	-1.63	-1.00	-0.17	-0.22	-0.05	-0.06	-0.04	-0.02	-0.09
Cash Flow from Acquisitions	--	--	--	--	--	--	--	--	-0.80	--	--	--	--	--	--	--
Cash Flow from Investing	-0.55	6.46	0.18	-0.33	-0.62	-0.23	-0.09	-1.63	-1.80	-0.17	-0.22	-0.05	-0.06	-0.04	-0.02	-0.09

Net Issuance of Stock	16.49	8.29	13.15	23.32	14.56	7.01	5.50	--	--	13.66	12.47	2.36	2.78	5.60	2.91	1.17
Net Issuance of Preferred Stock	--	--	--	--	--	2.69	--	--	--	--	--	--	--	--	--	--
Net Issuance of Debt	1.14	--	--	--	--	-0.03	-0.06	-0.06	-0.07	-0.07	-0.06	-0.02	-0.02	-0.02	-0.02	--
Cash Flow for Dividends	--	--	--	--	--	--	-0.08	--	--	--	--	--	--	--	--	--
Other Financing	--	--	--	-0.00	--	0.23	0.36	5.87	2.88	1.07	0.91	0.18	0.65	-0.43	0.67	0.02
Cash Flow from Financing	17.63	8.29	13.15	23.32	14.56	9.90	5.72	5.80	2.81	14.65	13.33	2.52	3.42	5.15	3.56	1.20

Net Change in Cash	-1.40	-3.01	-3.80	5.96	-4.25	-2.76	0.95	1.70	-0.21	-1.27	-0.43	-1.13	-0.69	0.59	-0.05	-0.29

Free Cash Flow	-19.46	-18.06	-17.28	-17.36	-18.81	-12.67	-4.77	-4.11	-2.22	-15.93	-13.76	-3.65	-4.11	-4.56	-3.61	-1.49
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Price to Tangible Book
PS Ratio
EV-to-Revenue
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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WAVX Quarterly/Annuals Reports

WAVX: 10-Q - WAVE SYSTEMS CORP (0000919013) (Filer): (10-Q) - 2012-11-09
WAVX: 10-Q - WAVE SYSTEMS CORP (0000919013) (Filer): (10-Q) - 2012-08-09
WAVX: 10-Q - WAVE SYSTEMS CORP (0000919013) (Filer): (10-Q) - 2012-05-10
WAVX: 10-K - WAVE SYSTEMS CORP (0000919013) (Filer): (10-K) - 2012-03-30
WAVX: 10-Q - WAVE SYSTEMS CORP (0000919013) (Filer): (10-Q) - 2011-11-09

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