MeritValue

Eve Holding, Inc.

EVEXdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Eve Holding, Inc. earns about -48% on invested capital, but has diluted owners by 46% 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—————
Net income−$18.3M1−$174M2−$127.7M3−$138.2M3−$224.3M3
Operating cash flow−$14.9M4−$59.5M5−$94.5M6−$136M6−$160.4M6
Capital expenditure$07$476,0008$168,0009$5.22M9$12.6M9
Free cash flow (derived)−$14.9M4−$59.9M5−$94.7M6−$141.2M6−$173M6
Total debt—$010$51.5M11$264M12$359.6M12
Cash & equivalents$14.4M13$49.1M14$46.9M13$56.4M15$103.2M15
Diluted shares220.0M254.1M275.8M288.5M321.3M

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
$3.85
your share of equity
Profit it earned you last year
−$6.98
Free cash flow it threw off
−$5.38
Debt you’d be carrying
$11.19

10 shares is a claim on $3.85 of net worth that earned you −$6.98 and generated −$5.38 of cash last year, against $11.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-48% avg · 5y
FY21 —FY22 -58%FY23 -59%FY24 -32%FY25 -44%

It earned an average -48% 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
+46% shares · 5y

Share count is up 46% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001554855-24-000091 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001554855-25-000157 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001554855-26-000300 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001554855-24-000091 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001554855-25-000157 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001554855-26-000300 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001554855-24-000091 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001554855-25-000157 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001554855-26-000300 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001554855-24-000091 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001554855-25-000157 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001554855-26-000300 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001554855-25-000157 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001554855-24-000091 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001554855-26-000300 (CashAndCashEquivalentsAtCarryingValue)