MeritValue

Innventure, Inc.

INVdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Innventure, Inc. earns about -254% on invested capital, 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 2023FY 2025
Revenue$1.12M1$2.06M2
Net income−$30.8M3−$293.3M4
Operating cash flow−$19.5M5−$80.7M6
Capital expenditure$645,0007$1.42M8
Free cash flow (derived)−$20.1M5−$82.1M6
Total debt$5.5M9$8.33M10
Cash & equivalents$2.58M11$60.4M12
Diluted shares—54.4M

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
$37.52
your share of equity
Profit it earned you last year
−$53.9
Free cash flow it threw off
−$15.09
Debt you’d be carrying
$1.53

10 shares is a claim on $37.52 of net worth that earned you −$53.9 and generated −$15.09 of cash last year, against $1.53 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-254% avg · 2y
FY23 —FY25 -254%

It earned an average -254% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has risen 51% over the same window.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2023-12-31 · accession 0001628280-25-017614 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-017614 (NetIncomeLoss)
  4. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-017614 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-017614 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-25-017614 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0002001557-26-000060 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2025-12-31 · accession 0002001557-26-000060 (CashAndCashEquivalentsAtCarryingValue)