MeritValue

Hyliion Holdings Corp.

HYLNdata completeness 88%7 fiscal years on file
The thesis, from the filings

Hyliion Holdings Corp. earns about -29% on equity, with a roughly flat share count. 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$200,0001$2.11M2$672,0003$1.51M4$3.48M4
Net income−$96M5−$153.4M6−$123.5M7−$52M8−$57.2M8
Operating cash flow−$80.5M9−$116.9M10−$117M11−$56.7M12−$46.5M12
Capital expenditure$2.38M13$2.89M14$7.4M15$16.5M16$23.7M16
Free cash flow (derived)−$82.9M9−$119.8M10−$124.4M11−$73.3M12−$70.3M12
Total debt—————
Cash & equivalents$258.4M17$119.5M18$12.9M19$9.23M20$22.9M20
Diluted shares172.2M175.4M181.4M174.9M175.4M

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
$10.95
your share of equity
Profit it earned you last year
−$3.26
Free cash flow it threw off
−$4.01
Debt you’d be carrying
—

10 shares is a claim on $10.95 of net worth that earned you −$3.26 and generated −$4.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-29% avg · 5y
FY21 -17%FY22 -36%FY23 -40%FY24 -21%FY25 -30%

It earned an average -29% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0001759631-23-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001759631-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001759631-25-000051 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-011278 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001759631-23-000011 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001759631-24-000015 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001759631-25-000051 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-011278 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001759631-23-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001759631-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001759631-25-000051 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-011278 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001759631-23-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001759631-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001759631-25-000051 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-011278 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001759631-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001759631-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001759631-25-000051 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-011278 (CashAndCashEquivalentsAtCarryingValue)