MeritValue

Ocean Thermal Energy Corp

CPWRdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$01$3.01M1
Net income−$2.67M2−$6.91M3−$9.26M4−$1.19M5−$69.3M5
Operating cash flow−$542,6306−$327,2137−$669,4638−$562,6279−$93,3959
Capital expenditure—————
Free cash flow (derived)—————
Total debt$5,00010————
Cash & equivalents$95711$1,40412$115,14913$16,14213$403,66713
Diluted shares158.6M179.0M184.4M188.7M202.0M

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
−$5.61
your share of equity
Profit it earned you last year
−$3.43
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$5.61 of net worth that earned you −$3.43 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+27% shares · 5y

Share count is up 27% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001654954-26-002627 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001654954-23-011543 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001654954-24-003883 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001654954-25-012217 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001654954-26-002627 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001654954-23-011543 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001654954-24-003883 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001654954-25-012217 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001654954-26-002627 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001654954-22-004084 (ShortTermBorrowings)
  11. 10-K · period ending 2021-12-31 · accession 0001654954-22-004084 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001654954-25-012217 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2023-12-31 · accession 0001654954-26-002627 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)