BETA Technologies, Inc.

BETAdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

BETA Technologies, Inc. earns about -101% on invested capital, but has diluted owners by 67% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	$15.4M¹	$15.1M¹	$35.6M¹
Net income	−$175.6M²	−$275.6M²	−$745.9M²
Operating cash flow	−$158M³	−$222.7M³	−$267.8M³
Capital expenditure	$153.2M⁴	$73.5M⁴	$45.4M⁴
Free cash flow (derived)	−$311.3M³	−$296.2M³	−$313.2M³
Total debt	—	$152.1M⁵	$371M⁵
Cash & equivalents	$253.5M⁶	$301.4M⁶	$1.71B⁶
Diluted shares	44.9M	45.2M	75.0M

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

Net assets behind them

$242.47

your share of equity

Profit it earned you last year

−$99.49

Free cash flow it threw off

−$41.78

Debt you’d be carrying

$49.49

10 shares is a claim on $242.47 of net worth that earned you −$99.49 and generated −$41.78 of cash last year, against $49.49 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-101% avg · 3y

FY23 -105%FY24 -76%FY25 -123%

It earned an average -101% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+67% shares · 3y

Share count is up 67% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 144% over the same window.

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

10-K · period ending 2023-12-31 · accession 0001628280-26-015838 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001628280-26-015838 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001628280-26-015838 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001628280-26-015838 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001628280-26-015838 (LongTermDebtNoncurrent)
10-K · period ending 2023-12-31 · accession 0001628280-26-015838 (CashAndCashEquivalentsAtCarryingValue)