MeritValue

Big Digital Energy, Inc.

BGDEdata completeness 100%14 fiscal years on file
The thesis, from the filings

Big Digital Energy, Inc. earns about -51% on invested capital, and has bought back 87% 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$43.9M1$84.4M2$43.6M3$59.3M3$39.8M4
Net income−$45M5−$52.8M6−$60.4M7−$46.1M8−$23.7M8
Operating cash flow$23M9$14.3M10−$2.55M11$3.56M12−$6.9M12
Capital expenditure$76.8M13$50M14$5.35M14$1.96M15$148,95015
Free cash flow (derived)−$53.9M9−$35.7M10−$7.9M11$1.6M12−$7.05M12
Total debt$11.1M16$28.1T17$38.7M18$41.8M19$50.4M19
Cash & equivalents$5.47M20$946,26521$4.48M22$6.09M23$13.3M23
Diluted shares9.4M12.7M15.7M891,4381.2M

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
−$26.5
your share of equity
Profit it earned you last year
−$201.09
Free cash flow it threw off
−$59.92
Debt you’d be carrying
$428.15

10 shares is a claim on −$26.5 of net worth that earned you −$201.09 and generated −$59.92 of cash last year, against $428.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 -29%FY22 -0%FY23 -62%FY24 -110%FY25 -55%

It earned an average -51% 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
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 354% 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
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-004161 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001213900-26-037417 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-004161 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037417 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-004161 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037417 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-037417 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (ShortTermBorrowings)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-004161 (LongTermDebtCurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-037417 (LongTermDebtCurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-022430 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-028158 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001013762-25-004161 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-037417 (CashAndCashEquivalentsAtCarryingValue)