MeritValue

Bimergen Energy Corp

BESSdata completeness 75%16 fiscal years on file
The thesis, from the filings

Bimergen Energy Corp earns about -10218% on invested capital, 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$64,5881$26,1972$3082——
Net income−$284,9593−$811,6353−$920,4184−$2.76M5−$4.97M5
Operating cash flow−$162,6536−$789,3447−$457,8068−$349,8339$878,4429
Capital expenditure—————
Free cash flow (derived)—————
Total debt————$825,70010
Cash & equivalents$976,94711$197,72312$152,41713$156,08714$401,20314
Diluted shares20.2M284.8M4.6M5.1M4.5M

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
$43.2
your share of equity
Profit it earned you last year
−$11.1
Free cash flow it threw off
—
Debt you’d be carrying
$1.84

10 shares is a claim on $43.2 of net worth that earned you −$11.1 last year, against $1.84 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10218% avg · 5y
FY21 -853%FY22 -39990%FY23 —FY24 -10%FY25 -20%

It earned an average -10218% 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
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001185185-22-000287 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012444 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001493152-24-012444 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-013018 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-014356 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-010282 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-012444 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-013018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014356 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-12-31 · accession 0001493152-26-014356 (ShortTermBorrowings)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-010282 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-012444 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-013018 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-014356 (CashAndCashEquivalentsAtCarryingValue)