MeritValue

Core Scientific, Inc./tx

CORZdata completeness 88%6 fiscal years on file
The thesis, from the filings

Core Scientific, Inc./tx earns about 4% on equity, but has diluted owners by 36% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$544.5M1$640.3M2$502.4M2$510.7M2$319M3
Net income$47.3M4−$2.15B5−$246.5M5−$1.44B5−$288.6M6
Operating cash flow−$56.7M7$205.2M8$65.1M8$42.9M8$278.3M9
Capital expenditure$010$384M11$16.2M11$95M11$729M12
Free cash flow (derived)−$56.7M7,10−$178.8M8,11$49M8,11−$52.1M8,11−$450.8M9,12
Total debt—————
Cash & equivalents$117.9M13$15.9M14$50.4M14$836.2M14$311.4M15
Diluted shares233.3M340.6M379.9M255.8M318.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$30.27
your share of equity
Profit it earned you last year
−$9.07
Free cash flow it threw off
−$14.17
Debt you’d be carrying
—

10 shares is a claim on −$30.27 of net worth that earned you −$9.07 and generated −$14.17 of cash last year.

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

It earned an average 4% 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
+36% shares · 5y

Share count is up 36% 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2024-03-13 · period ending 2021-12-31 · accession 0001628280-24-010682 (Revenues)
  2. 10-K/A filed 2026-03-02 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001628280-26-013232 (Revenues)
  3. 10-K filed 2026-03-02 · period ending 2025-12-31 · accession 0001628280-26-013305 (Revenues)
  4. 10-K filed 2024-03-13 · period ending 2021-12-31 · accession 0001628280-24-010682 (NetIncomeLoss)
  5. 10-K/A filed 2026-03-02 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001628280-26-013232 (NetIncomeLoss)
  6. 10-K filed 2026-03-02 · period ending 2025-12-31 · accession 0001628280-26-013305 (NetIncomeLoss)
  7. 10-K filed 2024-03-13 · period ending 2021-12-31 · accession 0001628280-24-010682 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A filed 2026-03-02 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001628280-26-013232 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-03-02 · period ending 2025-12-31 · accession 0001628280-26-013305 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-13 · period ending 2021-12-31 · accession 0001628280-24-010682 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A filed 2026-03-02 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001628280-26-013232 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-03-02 · period ending 2025-12-31 · accession 0001628280-26-013305 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2024-03-13 · period ending 2021-12-31 · accession 0001628280-24-010682 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A filed 2026-03-02 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001628280-26-013232 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2026-03-02 · period ending 2025-12-31 · accession 0001628280-26-013305 (CashAndCashEquivalentsAtCarryingValue)