MeritValue

AirJoule Technologies Corp.

AIRJdata completeness 63%4 fiscal years on file
The thesis, from the filings

AirJoule Technologies Corp. earns about 47% on invested capital. 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 2022FY 2023FY 2024FY 2025
Revenue————
Net income$2.04M1−$11.4M2$215.7M3−$9.04M3
Operating cash flow−$1.72M4−$5.1M5−$24.3M6−$5.63M6
Capital expenditure—$98,9507$19,0588$18,0088
Free cash flow (derived)—−$5.2M5−$24.3M6−$5.65M6
Total debt————
Cash & equivalents$1.29M9$59,1679$28M10$21.8M10
Diluted shares————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
47% avg · 4y
FY22 53%FY23 —FY24 96%FY25 -9%

It earned an average 47% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 4y

Not enough history to read capital allocation.

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 v0.5.0
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 2022-12-31 · accession 0001213900-24-021392 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001013762-25-002263 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-133335 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-021392 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001013762-25-002263 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-133335 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-002263 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-133335 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-021392 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-133335 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)