MeritValue

Ameresco, Inc.

AMRCdata completeness 100%16 fiscal years on file
i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$1.03B1$1.22B2$1.82B3$1.37B3$1.77B3
Net income$54.1M4$70.5M5$94.9M6$62.5M6$56.8M6
Operating cash flow−$102.6M7−$172.3M8−$338.3M9−$70M9$117.6M9
Capital expenditure$2.21M10$4.9M11$5.3M12$5.71M12$4.29M12
Free cash flow (derived)−$104.8M7−$177.2M8−$343.6M9−$75.7M9$113.3M9
Total debt$69.4M13$78.9M14$331.5M15$322.2M16$149.4M16
Cash & equivalents$66.4M17$50.5M17$115.5M18$79.3M19$108.5M19
Diluted shares49.0M52.3M53.3M53.2M53.1M

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
You’d own
0.000019%
of the whole company
Your share of last year’s profit
$10.68
Your share of its debt
$28.11
Your share of free cash flow
$21.32
iii. 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
$12.39
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$62.5M
  • growthAssumed0.0%
Graham Number
$21.43
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001488139-23-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001488139-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001488139-25-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001488139-23-000014 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001488139-24-000014 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001488139-25-000018 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001488139-23-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001488139-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001488139-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001488139-23-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001488139-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001488139-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2020-12-31 · accession 0001488139-22-000014 (LongTermDebtCurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001488139-23-000014 (LongTermDebtCurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001488139-24-000014 (LongTermDebtCurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001488139-25-000018 (LongTermDebtCurrent)
  17. 10-K · period ending 2020-12-31 · accession 0001488139-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001488139-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001488139-25-000018 (CashAndCashEquivalentsAtCarryingValue)