MeritValue

Aeva Technologies, Inc.

AEVAdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Aeva Technologies, Inc. earns about -74% on invested capital, and has bought back 72% 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$9.27M1$4.19M2$4.31M3$9.07M3$18.1M3
Net income−$101.9M4−$147.3M5−$149.3M6−$152.3M6−$145.4M6
Operating cash flow−$82.1M7−$109.9M8−$118.8M9−$106.9M9−$115.1M9
Capital expenditure$3.85M10$7.44M11$6.1M12$5.11M12$4.61M12
Free cash flow (derived)−$86M7−$117.4M8−$124.9M9−$112M9−$119.7M9
Total debt—————
Cash & equivalents$66.8M13$67.4M14$38.5M15$28.9M16$72.3M16
Diluted shares200.8M43.5M45.4M53.4M57.0M

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
$2.32
your share of equity
Profit it earned you last year
−$25.5
Free cash flow it threw off
−$20.99
Debt you’d be carrying
—

10 shares is a claim on $2.32 of net worth that earned you −$25.5 and generated −$20.99 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-74% avg · 5y
FY21 -21%FY22 -44%FY23 -62%FY24 -170%FY25 —

It earned an average -74% 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
−72% shares · 5y

Share count is down 72% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000950170-24-032299 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-042849 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-116518 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-032299 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-042849 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-116518 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-032299 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-042849 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-116518 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-032299 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-042849 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-116518 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009764 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-032299 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-042849 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-116518 (CashAndCashEquivalentsAtCarryingValue)