MeritValue

enCore Energy Corp.

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

enCore Energy Corp. earns about -6% on invested capital, but has diluted owners by 186% 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—$4.25M1$22.1M1$58.3M2$43.2M2
Net income$8.56M3−$23.2M4−$25.6M4−$61.4M5−$56.9M5
Operating cash flow−$3.97M6−$20.3M7−$23M7−$45.2M8−$25M8
Capital expenditure$300,7379$980,00010$7.73M10$11.3M11$20M11
Free cash flow (derived)−$4.27M6−$21.3M7−$30.7M7−$56.6M8−$45M8
Total debt———$20.1M12$110M12
Cash & equivalents$13.7M13$57.1M13$7.49M14$39.7M15$52.4M15
Diluted shares65.3M105.5M144.0M182.0M186.9M

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
$12.27
your share of equity
Profit it earned you last year
−$3.04
Free cash flow it threw off
−$2.41
Debt you’d be carrying
$5.89

10 shares is a claim on $12.27 of net worth that earned you −$3.04 and generated −$2.41 of cash last year, against $5.89 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 10%FY22 -13%FY23 12%FY24 -21%FY25 -17%

It earned an average -6% 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
+186% shares · 5y

Share count is up 186% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 447% 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 2022-12-31 · accession 0001500881-25-000002 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (Revenues)
  3. 40-F · period ending 2021-12-31 · accession 0001213900-23-033939 (ProfitLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001500881-25-000002 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (NetIncomeLoss)
  6. 40-F · period ending 2021-12-31 · accession 0001213900-23-033939 (CashFlowsFromUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001500881-25-000002 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (NetCashProvidedByUsedInOperatingActivities)
  9. 40-F · period ending 2021-12-31 · accession 0001213900-23-033939 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001500881-25-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001500881-25-000002 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001500881-25-000002 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-022507 (CashAndCashEquivalentsAtCarryingValue)