MeritValue

EVgo Inc.

EVGOdata completeness 100%6 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$21.7M1$54.6M2$161M3$256.8M4$384.1M4
Net income−$5.91M5−$27.6M6−$42.4M7−$44.3M8−$41.6M8
Operating cash flow−$29.6M9−$58.8M10−$37.1M11−$7.26M12−$7.73M12
Capital expenditure$65M13$200.3M14$158.9M15$94.8M16$116.7M16
Free cash flow (derived)−$94.6M9−$259M10−$196M11−$102M12−$124.4M12
Total debt———$017$412.9M17
Cash & equivalents$485.2M18$245.7M19$208.7M20$117.3M20$151M20
Diluted shares68.0M68.5M90.6M106.7M133.5M

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
shares
Net assets behind them
−$8.76
your share of equity
Profit it earned you last year
−$3.11
Free cash flow it threw off
−$9.32
Debt you’d be carrying
$30.94

10 shares is a claim on −$8.76 of net worth that earned you −$3.11 and generated −$9.32 of cash last year, against $30.94 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+96% shares · 5y

Share count is up 96% 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 0001558370-23-005121 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002608 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002400 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-024827 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-005121 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002608 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002400 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-024827 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-005121 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002608 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002400 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-024827 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-005121 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002608 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002400 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-024827 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-024827 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-24-002608 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-25-002400 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001104659-26-024827 (CashAndCashEquivalentsAtCarryingValue)