MeritValue

AmpliTech Group, Inc.

AMPGdata completeness 88%15 fiscal years on file
The thesis, from the filings

AmpliTech Group, Inc. earns about -21% on invested capital, but has diluted owners by 136% 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$5.28M1$19.4M2$15.6M3$9.51M4$25.2M4
Net income−$4.76M5−$677,1076−$2.47M7−$11.2M8−$7.01M8
Operating cash flow−$2.2M9−$3.43M10−$3.47M11−$5.3M12−$8.68M12
Capital expenditure$1.06M13$735,76114$973,34915$42,92016$1.02M16
Free cash flow (derived)−$3.26M9−$4.16M10−$4.44M11−$5.34M12−$9.7M12
Total debt—$233,95517$80,84118——
Cash & equivalents$18M19$13.3M20$6.73M21$19.3M22$4.98M22
Diluted shares8.9M9.6M9.7M10.8M21.0M

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
$15.66
your share of equity
Profit it earned you last year
−$3.34
Free cash flow it threw off
−$4.62
Debt you’d be carrying
—

10 shares is a claim on $15.66 of net worth that earned you −$3.34 and generated −$4.62 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 5y
FY21 —FY22 -3%FY23 -10%FY24 -50%FY25 -19%

It earned an average -21% 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
+136% shares · 5y

Share count is up 136% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 65% — deleveraging.

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 0001477932-23-001983 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012177 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012914 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-001983 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012177 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001715 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012914 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-001983 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012177 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001715 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012914 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-22-001862 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012177 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001715 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012914 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001477932-23-001983 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-24-012177 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001477932-23-001983 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-012177 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-001715 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-012914 (CashAndCashEquivalentsAtCarryingValue)