EON Resources Inc.

EONRdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

EON Resources Inc. earns about 8% on invested capital, but has diluted owners by 125% over 3 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

Figure	FY 2021	FY 2022	FY 2024
Revenue	—	$35.4M¹	$19.4M²
Net income	−$13,782³	$18.3M⁴	−$8.13M⁵
Operating cash flow	−$86,707⁶	$18.7M⁷	$3.7M⁸
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	$53.5M⁹	$127.6M¹⁰
Cash & equivalents	$38,743¹¹	$2.02M¹²	$2.97M¹³
Diluted shares	2.9M	3.0M	6.5M

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

Net assets behind them

$5.93

your share of equity

Profit it earned you last year

−$12.55

Free cash flow it threw off

—

Debt you’d be carrying

$197

10 shares is a claim on $5.93 of net worth that earned you −$12.55 last year, against $197 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

8% avg · 3y

FY21 —FY22 24%FY24 -8%

It earned an average 8% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+125% shares · 3y

Share count is up 125% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 139% over the same window.

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 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

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-12-31 · accession 0001213900-24-039259 (Revenues)
10-K/A · period ending 2024-12-31 · accession 0001213900-26-047665 (Revenues)
10-K · period ending 2021-12-31 · accession 0001213900-23-025590 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-039259 (NetIncomeLoss)
10-K/A · period ending 2024-12-31 · accession 0001213900-26-047665 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001213900-23-025590 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-039259 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2024-12-31 · accession 0001213900-26-047665 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-039259 (LongTermDebtCurrent)
10-K/A · period ending 2024-12-31 · accession 0001213900-26-047665 (LongTermDebtNoncurrent)
10-K · period ending 2021-12-31 · accession 0001213900-23-025590 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001213900-24-039259 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2024-12-31 · accession 0001213900-26-047665 (CashAndCashEquivalentsAtCarryingValue)