MeritValue

GENESIS ENERGY LP

GELdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.13B1$2.79B2$1.72B3$1.66B3$1.63B3
Net income−$165.1M4$75.5M5$117.7M6−$63.9M6−$440.4M6
Operating cash flow$338M7$334.4M8$521.1M9$391.9M9$252.8M9
Capital expenditure$301.4M10$424.2M11$620M12$587.1M12$186.9M12
Free cash flow (derived)$36.6M7−$89.8M8−$98.9M9−$195.2M9$65.9M9
Total debt$2.98B13$3.46B14$3.76B15$3.73B16$3.05B16
Cash & equivalents$20M17$7.93M18$9.23M19$7.35M20$6.44M20
Diluted shares122.6M122.6M122.5M122.5M122.5M

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
—
your share of equity
Profit it earned you last year
−$35.96
Free cash flow it threw off
$5.38
Debt you’d be carrying
$248.79

10 shares of this business that earned you −$35.96 and generated $5.38 of cash last year, against $248.79 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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 v0.5.0
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 0001022321-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001022321-25-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001022321-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001022321-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001022321-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001022321-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001022321-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001022321-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001022321-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001022321-24-000018 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001022321-25-000023 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001022321-26-000008 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001022321-23-000018 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001022321-24-000018 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001022321-25-000023 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001022321-26-000008 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001022321-23-000018 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001022321-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001022321-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001022321-26-000008 (CashAndCashEquivalentsAtCarryingValue)