MeritValue

Fusion Fuel Green PLC

HTOOdata completeness 88%6 fiscal years on file
The thesis, from the filings

Fusion Fuel Green PLC earns about -242% on invested capital, but has diluted owners by 758% over 5 years — worth asking whether the growth reaches owners. 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€01€01—€4.14M2€1.61M2
Net income−€183.1M3€23.6M4−€27.3M5€4M6−€13.7M5
Operating cash flow−€4.19M7−€14.7M8−€29.9M9−€9.18M9−€8.28M9
Capital expenditure—€16.6M10€8.59M11€8.59M11€11,00011
Free cash flow (derived)—−€31.3M8−€38.4M9−€17.8M9−€8.29M9
Total debt———€1.33M12—
Cash & equivalents€58M13€7.68M13€5.24M13€1.15M14€214,00014
Diluted shares2.7M—13.8M17.4M22.9M

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
€4.67
your share of equity
Profit it earned you last year
−€5.99
Free cash flow it threw off
−€3.62
Debt you’d be carrying
—

10 shares is a claim on €4.67 of net worth that earned you −€5.99 and generated −€3.62 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-242% avg · 5y
FY20 —FY21 45%FY22 -89%FY23 -823%FY24 -99%

It earned an average -242% 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
+758% shares · 5y

Share count is up 758% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.1.0
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 2020-12-31 · accession 0001171843-22-003035 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-25-041617 (Revenue)
  3. 20-F · period ending 2020-12-31 · accession 0001171843-23-003359 (ProfitLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001171843-24-002345 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-041617 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-25-041617 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001171843-23-003359 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001171843-24-002345 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-041617 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001171843-24-002345 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-041617 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001171843-24-002345 (Borrowings)
  13. 20-F · period ending 2020-12-31 · accession 0001171843-24-002345 (CashAndCashEquivalents)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-25-041617 (CashAndCashEquivalents)