MeritValue

FTC Solar, Inc.

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

FTC Solar, Inc. earns about -224% on invested capital, and has bought back 84% of its shares over 5 years. 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$270.5M1$123.1M1$127M2$47.4M3$99.7M3
Net income−$106.6M4−$99.6M4−$50.3M5−$48.6M6−$79.6M6
Operating cash flow−$132.9M7−$54.5M7−$52.7M8−$34.7M9−$33.4M9
Capital expenditure$1.03M10$985,00010$816,00011$1.65M12$1.13M12
Free cash flow (derived)−$133.9M7−$55.5M7−$53.5M8−$36.3M9−$34.6M9
Total debt$013$014$015$9.47M16$22.6M16
Cash & equivalents$102.2M17$44.4M18$25.2M19$11.2M19$21.1M19
Diluted shares86.0M101.4M11.6M12.7M14.0M

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
−$30.66
your share of equity
Profit it earned you last year
−$56.79
Free cash flow it threw off
−$24.67
Debt you’d be carrying
$16.13

10 shares is a claim on −$30.66 of net worth that earned you −$56.79 and generated −$24.67 of cash last year, against $16.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-224% avg · 5y
FY21 -208%FY22 -359%FY23 -110%FY24 -218%FY25 —

It earned an average -224% 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
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000950170-24-032250 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-047224 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-120372 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-032250 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-047224 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-120372 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-032250 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-047224 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-120372 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-032250 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047224 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-120372 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-22-004184 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-23-004885 (ShortTermBorrowings)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-047224 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-120372 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-004885 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-032250 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-120372 (CashAndCashEquivalentsAtCarryingValue)