Blink Charging Co.

BLNKdata completeness 88%16 fiscal years on file

The thesis, from the filings

Blink Charging Co. earns about -142% on invested capital, but has diluted owners by 160% over 5 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 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$20.9M¹	$61.1M²	$140.6M³	$124M³	$103.5M³
Net income	−$55.1M⁴	−$91.6M⁵	−$203.7M⁶	−$201.3M⁶	−$83.4M⁶
Operating cash flow	−$40.6M⁷	−$82.4M⁸	−$97.6M⁹	−$48.3M⁹	−$30.9M⁹
Capital expenditure	$7.07M¹⁰	$5.25M¹¹	$7.55M¹²	$8.62M¹²	$9.71M¹²
Free cash flow (derived)	−$47.6M⁷	−$87.6M⁸	−$105.1M⁹	−$56.9M⁹	−$40.6M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$174.8M¹³	$36.6M¹⁴	$98.7M¹⁵	$41.8M¹⁵	$39.6M¹⁵
Diluted shares	41.9M	46.9M	63.5M	100.8M	109.1M

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

Net assets behind them

$5.91

your share of equity

Profit it earned you last year

−$7.64

Free cash flow it threw off

−$3.72

Debt you’d be carrying

—

10 shares is a claim on $5.91 of net worth that earned you −$7.64 and generated −$3.72 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-142% avg · 5y

FY21 -112%FY22 -33%FY23 -85%FY24 -215%FY25 -263%

It earned an average -142% 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

+160% shares · 5y

Share count is up 160% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2021-12-31 · accession 0001493152-24-010214 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001641172-25-003286 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001493152-26-014238 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-12-31 · accession 0001493152-24-010214 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001641172-25-003286 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001493152-26-014238 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-24-010214 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001641172-25-003286 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001493152-26-014238 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-24-010214 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001641172-25-003286 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001493152-26-014238 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001493152-24-010214 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001641172-25-003286 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001493152-26-014238 (CashAndCashEquivalentsAtCarryingValue)