MeritValue

GREENPOWER MOTOR Co INC.

GPdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

GREENPOWER MOTOR Co INC. earns about -70% on equity, and has bought back 77% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$14.4M1$13.3M2$17.2M3$39.7M3$39.3M3
Net income−$5.15M4−$7.84M5−$15M6−$15M6−$18.3M6
Operating cash flow−$5.11M7−$16.4M8−$20.3M9−$14.8M9−$1.13M9
Capital expenditure$161,86010$352,68211$536,09312$355,99312$361,53312
Free cash flow (derived)−$5.28M7−$16.7M8−$20.9M9−$15.1M9−$1.49M9
Total debt—————
Cash & equivalents$451,60513$15.2M14$6.89M14$600,40214$1.15M14
Diluted shares108.4M20.9M23.1M24.7M25.0M

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
$4.63
your share of equity
Profit it earned you last year
−$7.34
Free cash flow it threw off
−$0.6
Debt you’d be carrying
—

10 shares is a claim on $4.63 of net worth that earned you −$7.34 and generated −$0.6 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-70% avg · 5y
FY20 —FY21 -22%FY22 -44%FY23 -54%FY24 -159%

It earned an average -70% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−77% shares · 5y

Share count is down 77% 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. 20-F · period ending 2020-03-31 · accession 0001062993-22-016911 (Revenue)
  2. 20-F · period ending 2021-03-31 · accession 0001062993-23-015179 (Revenue)
  3. 20-F · period ending 2022-03-31 · accession 0001062993-24-013172 (Revenue)
  4. 20-F · period ending 2020-03-31 · accession 0001062993-22-016911 (ProfitLoss)
  5. 20-F · period ending 2021-03-31 · accession 0001062993-23-015179 (ProfitLoss)
  6. 20-F · period ending 2022-03-31 · accession 0001062993-24-013172 (ProfitLoss)
  7. 20-F · period ending 2020-03-31 · accession 0001062993-22-016911 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-03-31 · accession 0001062993-23-015179 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-03-31 · accession 0001062993-24-013172 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-03-31 · accession 0001062993-22-016911 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-03-31 · accession 0001062993-23-015179 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-03-31 · accession 0001062993-24-013172 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-03-31 · accession 0001062993-23-015179 (CashAndCashEquivalents)
  14. 20-F · period ending 2021-03-31 · accession 0001062993-24-013172 (CashAndCashEquivalents)