MeritValue

Smart Powerr Corp.

CREGdata completeness 75%16 fiscal years on file
The thesis, from the filings

Smart Powerr Corp. earns about -1% on invested capital, but has diluted owners by 171% 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$414,4681$431,4891——$262,5092
Net income−$12.2M3−$4.46M4−$746,7865−$1.56M6−$2.9M6
Operating cash flow−$1.61M7−$351,8808−$68.1M9−$10.8M10$66.9M10
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$70,59511——
Cash & equivalents$152M12$138.8M12$32,37013$25,34113$40,15613
Diluted shares5.6M7.3M7.8M8.6M15.2M

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
$94.32
your share of equity
Profit it earned you last year
−$1.91
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $94.32 of net worth that earned you −$1.91 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 —FY22 —FY23 -0%FY24 -1%FY25 -2%

It earned an average -1% 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
+171% shares · 5y

Share count is up 171% 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 · period ending 2021-12-31 · accession 0001213900-23-037363 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2025-12-31 · accession 0001213900-26-037674 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-037363 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-031988 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001013762-25-003648 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037674 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-037363 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-031988 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001013762-25-003648 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-037674 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-24-031988 (ShortTermBorrowings)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-037363 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-26-037674 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)