MeritValue

FARADAY FUTURE INTELLIGENT ELECTRIC INC.

FFAIdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

FARADAY FUTURE INTELLIGENT ELECTRIC INC. earns about -320% on invested capital. 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—$01$784,0002$539,0003$536,0003
Net income−$516.5M4−$602.2M5−$431.7M6−$355.8M7−$390.7M7
Operating cash flow−$339.8M8−$383.1M9−$278.2M10−$70.2M11−$107.6M11
Capital expenditure$95.7M12$123.2M13$31.1M14$7.58M15$7.64M15
Free cash flow (derived)−$435.4M8−$506.3M9−$309.3M10−$77.8M11−$115.2M11
Total debt—————
Cash & equivalents$505.1M16$17M17$1.9M18$7.14M19$34.9M19
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-320% avg · 5y
FY21 -614%FY22 -256%FY23 -151%FY24 -261%FY25 —

It earned an average -320% 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
— shares · 5y

Not enough history to read capital allocation.

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 0001628280-24-025420 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-015548 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-022509 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-030104 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-025420 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-25-015548 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-022509 (NetIncomeLoss)
  8. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-030104 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-025420 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-015548 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-022509 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-030104 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-025420 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-015548 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-022509 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-030104 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-025420 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-25-015548 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-022509 (CashAndCashEquivalentsAtCarryingValue)