MeritValue

Capital Clean Energy Carriers Corp.

CCECdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Capital Clean Energy Carriers Corp. earns about 10% on equity, and has bought back 100% of its shares over 5 years. The applicable estimate puts fair value near $21.96 a share.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$184.7M1$299.1M1———
Net income$98.2M2$125.4M3$47.2M4$193.6M4$170.8M4
Operating cash flow$111.2M5$172.6M5$189.4M5$184.8M6$232.8M6
Capital expenditure$368.1M7$139.8M8$336.3M9$1.2B9$315.1M9
Free cash flow (derived)−$256.9M5$32.8M5−$147M5−$1.02B6−$82.3M6
Total debt$2.62B10$2.58B11$3.36B12$4.79B13$4.71B13
Cash & equivalents$20.4M14$144.6M15$191.8M16$312.7M16$273.8M16
Diluted shares18.34B19.33B21.2M56.1M59.2M

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
$253.31
your share of equity
Profit it earned you last year
$28.85
Free cash flow it threw off
−$13.9
Debt you’d be carrying
$795.49

10 shares is a claim on $253.31 of net worth that earned you $28.85 and generated −$13.9 of cash last year, against $795.49 of debt.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 5y
FY21 —FY22 —FY23 4%FY24 14%FY25 11%

It earned an average 10% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 80% 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
$21.96
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$125.4M
  • growthAssumed0.0%
Graham Number
$40.51
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-23-118113 (Revenues)
  2. 20-F · period ending 2021-12-31 · accession 0001193125-24-106923 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001193125-25-084452 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001193125-26-179568 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001193125-24-106923 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-12-31 · accession 0001193125-26-179568 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-24-106923 (PaymentsForCapitalImprovements)
  8. 20-F · period ending 2022-12-31 · accession 0001193125-25-084452 (PaymentsForCapitalImprovements)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-179568 (PaymentsForCapitalImprovements)
  10. 20-F · period ending 2021-12-31 · accession 0001193125-23-118113 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001193125-24-106923 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-25-084452 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001193125-26-179568 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001193125-24-106923 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001193125-25-084452 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001193125-26-179568 (CashAndCashEquivalentsAtCarryingValue)