MeritValue

Dragonfly Energy Holdings Corp.

DFLIdata completeness 100%5 fiscal years on file
The thesis, from the filings

Dragonfly Energy Holdings Corp. earns about -77% on invested capital, and has bought back 87% 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$78M1$86.3M2$64.4M3$50.6M4$58.6M4
Net income$4.34M5−$40M6−$13.8M7−$40.6M8−$69.9M8
Operating cash flow−$13.6M9−$45.7M10−$17.7M11−$7.19M12−$26M12
Capital expenditure$2.97M13$6.86M14$6.89M15$2.68M16$1.95M16
Free cash flow (derived)−$16.5M9−$52.6M10−$24.6M11−$9.87M12−$27.9M12
Total debt—$95.4M17$95.5M18$115.6M19$29M20
Cash & equivalents$25.6M21$17.8M22$12.7M23$4.85M24$18.3M24
Diluted shares37.7M38.6M5.9M686,6834.8M

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
$24.1
your share of equity
Profit it earned you last year
−$146.21
Free cash flow it threw off
−$58.36
Debt you’d be carrying
$60.6

10 shares is a claim on $24.1 of net worth that earned you −$146.21 and generated −$58.36 of cash last year, against $60.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-77% avg · 5y
FY21 —FY22 -30%FY23 2%FY24 -32%FY25 -249%

It earned an average -77% 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
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 70% — deleveraging.

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 2021-12-31 · accession 0001493152-23-012533 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014831 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001755 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013635 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012533 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014831 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001755 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013635 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012533 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014831 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001755 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013635 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012533 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014831 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001755 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013635 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-23-012533 (LongTermDebtCurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-24-014831 (LongTermDebtCurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001641172-25-001755 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2025-12-31 · accession 0001493152-26-013635 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-012533 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001493152-24-014831 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001641172-25-001755 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001493152-26-013635 (CashAndCashEquivalentsAtCarryingValue)