MeritValue

Clean Energy Technologies, Inc.

CETYdata completeness 88%17 fiscal years on file
The thesis, from the filings

Clean Energy Technologies, Inc. earns about -97% on invested capital, and has bought back 100% 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$1.3M1$2.66M2$6.69M3$2.42M3$2.16M4
Net income$297,5515$147,3956−$5.61M7−$4.55M7−$6.81M8
Operating cash flow−$2.55M9−$2.24M10−$4.78M11−$3.56M11−$7.92M12
Capital expenditure——$4,62113—$12,67914
Free cash flow (derived)——−$4.79M11—−$7.94M12
Total debt——$257,89015——
Cash & equivalents$1.19M16$149,27217$89,62518$62,10118$602,46119
Diluted shares1.37B27.7M2.6M2.9M4.4M

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
$14.24
your share of equity
Profit it earned you last year
−$15.52
Free cash flow it threw off
−$18.09
Debt you’d be carrying
—

10 shares is a claim on $14.24 of net worth that earned you −$15.52 and generated −$18.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-97% avg · 5y
FY21 —FY22 9%FY23 -104%FY24 -196%FY25 -95%

It earned an average -97% 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
−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 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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/A · period ending 2021-12-31 · accession 0001493152-24-024454 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-024452 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001493152-26-027379 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-027409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-24-024454 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-024452 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001493152-26-027379 (NetIncomeLoss)
  8. 10-K · period ending 2025-12-31 · accession 0001493152-26-027409 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-24-024454 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-024452 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001493152-26-027379 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-12-31 · accession 0001493152-26-027409 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2023-12-31 · accession 0001493152-26-027379 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-027409 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001493152-24-024452 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-22-010148 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001493152-26-027379 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K/A · period ending 2023-12-31 · accession 0001493152-26-027379 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-027409 (CashAndCashEquivalentsAtCarryingValue)