MeritValue

Gogoro Inc.

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

Gogoro Inc. earns about -15% on invested capital, and has bought back 92% 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$366M1$382.8M2$349.8M3$310.6M3$281.5M3
Net income−$67.4M4−$98.9M5−$76M6−$122.8M6−$80M6
Operating cash flow$80.8M7−$64.8M8$59.1M9$9.85M9$35.9M9
Capital expenditure$127.7M10$123.1M11$117.8M12$124.4M12$65M12
Free cash flow (derived)−$46.9M7−$187.9M8−$58.7M9−$114.6M9−$29.1M9
Total debt$434.3M13$381.2M14$410.2M15$356.8M16$361M16
Cash & equivalents$217.4M17$236.1M18$173.9M18$117.1M18$70.6M18
Diluted shares193.3M244.2M245.7M295.4M14.8M

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
$73.27
your share of equity
Profit it earned you last year
−$54.13
Free cash flow it threw off
−$19.7
Debt you’d be carrying
$244.33

10 shares is a claim on $73.27 of net worth that earned you −$54.13 and generated −$19.7 of cash last year, against $244.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-15% avg · 5y
FY21 -14%FY22 -16%FY23 -11%FY24 -21%FY25 -13%

It earned an average -15% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 17% — deleveraging.

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. 20-F · period ending 2021-12-31 · accession 0001886190-24-000015 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001886190-25-000017 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001886190-26-000013 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001886190-24-000015 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001886190-25-000017 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001886190-26-000013 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001886190-24-000015 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001886190-25-000017 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001886190-26-000013 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001886190-24-000015 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001886190-25-000017 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001886190-26-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001886190-23-000011 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001886190-24-000015 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001886190-25-000017 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001886190-26-000013 (Borrowings)
  17. 20-F · period ending 2021-12-31 · accession 0001886190-25-000017 (CashAndCashEquivalents)
  18. 20-F · period ending 2022-12-31 · accession 0001886190-26-000013 (CashAndCashEquivalents)