MeritValue

Eos Energy Enterprises, Inc.

EOSEdata completeness 100%7 fiscal years on file
The thesis, from the filings

Eos Energy Enterprises, Inc. earns about -77% on invested capital, but has diluted owners by 395% 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$4.6M1$17.9M2$16.4M3$15.6M4$114.2M4
Net income−$124.2M5−$229.8M6−$229.5M7−$685.9M8−$969.6M8
Operating cash flow−$116.1M9−$196.9M10−$145M11−$153.9M12−$211.2M12
Capital expenditure$15.6M13$20.1M14$29.3M15$33.2M16$53.8M16
Free cash flow (derived)−$131.7M9−$216.9M10−$174.3M11−$187.1M12−$265M12
Total debt$218.4M17$357.2M18$411.1M19$633.8M20$1.63B20
Cash & equivalents$104.8M21$17.1M22$69.5M23$74.3M24$568M24
Diluted shares52.7M62.4M127.0M212.0M260.8M

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
−$85.83
your share of equity
Profit it earned you last year
−$37.17
Free cash flow it threw off
−$10.16
Debt you’d be carrying
$62.36

10 shares is a claim on −$85.83 of net worth that earned you −$37.17 and generated −$10.16 of cash last year, against $62.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-77% avg · 5y
FY21 -66%FY22 -88%FY23 -79%FY24 —FY25 —

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
+395% shares · 5y

Share count is up 395% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 645% 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
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 0001628280-23-005647 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-005647 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-005647 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-005647 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-005647 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-005647 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001805077-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001805077-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001628280-26-011961 (CashAndCashEquivalentsAtCarryingValue)