MeritValue

Birchtech Corp.

BCHTdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Birchtech Corp. earns about 4243% on equity, and has bought back 78% 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$13M1$21.6M2$17.6M3$17.4M4$17.6M4
Net income−$3.63M5−$1.58M6$5.67M7−$10.8M8−$3.03M8
Operating cash flow−$205,9809$70,98910$19.2M11−$4.11M12−$700,11012
Capital expenditure$10,97513$10,72714$015$809,43216$29,29616
Free cash flow (derived)−$216,9559$60,26210$19.2M11−$4.91M12−$729,40612
Total debt—————
Cash & equivalents$1.39M17$1.5M18$20.9M18$3.46M19$2.25M19
Diluted shares89.1M90.0M97.5M19.1M19.3M

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
−$0.89
your share of equity
Profit it earned you last year
−$1.57
Free cash flow it threw off
−$0.38
Debt you’d be carrying
—

10 shares is a claim on −$0.89 of net worth that earned you −$1.57 and generated −$0.38 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
4243% avg · 5y
FY21 —FY22 —FY23 9392%FY24 -906%FY25 —

It earned an average 4243% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−78% shares · 5y

Share count is down 78% 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 0001477932-23-003370 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-002170 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002237 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001835 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-003370 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-002170 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002237 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001835 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-003370 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-002170 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002237 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001835 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-003370 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001477932-24-002170 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-002237 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-001835 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-23-003370 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001477932-24-002170 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001477932-26-001835 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)