MeritValue

ChargePoint Holdings, Inc.

CHPTdata completeness 100%8 fiscal years on file
The thesis, from the filings

ChargePoint Holdings, Inc. earns about -88% on invested capital, and has bought back 92% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$241M1$468.1M2$506.6M3$417.1M3$411.2M3
Net income−$132.2M4−$345.1M5−$457.6M6−$277.1M6−$220.2M6
Operating cash flow−$157.2M7−$267M8−$328.9M9−$146.9M9−$62.8M9
Capital expenditure$16.4M10$18.6M11$19.4M12$12.1M12$4.17M12
Free cash flow (derived)−$173.6M7−$285.6M8−$348.4M9−$159M9−$67M9
Total debt$013$294.9M14$283.7M15$297.1M16$260.9M16
Cash & equivalents$315.2M17$264.2M18$327.4M19$224.6M19$141.6M19
Diluted shares302.5M338.5M18.8M21.7M23.4M

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
$9.1
your share of equity
Profit it earned you last year
−$94.07
Free cash flow it threw off
−$28.62
Debt you’d be carrying
$111.43

10 shares is a claim on $9.1 of net worth that earned you −$94.07 and generated −$28.62 of cash last year, against $111.43 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-88% avg · 5y
FY22 -46%FY23 -69%FY24 -123%FY25 -93%FY26 -108%

It earned an average -88% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-01-31 · accession 0001777393-24-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001777393-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001777393-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-01-31 · accession 0001777393-24-000052 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-31 · accession 0001777393-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001777393-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001777393-24-000052 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-31 · accession 0001777393-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001777393-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-01-31 · accession 0001777393-24-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-31 · accession 0001777393-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-31 · accession 0001777393-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-31 · accession 0001777393-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-01-31 · accession 0001777393-24-000052 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-01-31 · accession 0001777393-25-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-01-31 · accession 0001777393-26-000013 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-31 · accession 0001777393-24-000052 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-31 · accession 0001777393-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-31 · accession 0001777393-26-000013 (CashAndCashEquivalentsAtCarryingValue)