MeritValue

Koil Energy Solutions, Inc.

KLNGdata completeness 88%16 fiscal years on file
The thesis, from the filings

Koil Energy Solutions, Inc. earns about 1% on invested capital, and has bought back 100% 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$17.2M1$13M2$15.3M3$22.7M4$24.1M4
Net income$2.33M5−$2.93M6−$1.55M7$2.62M8−$38,0008
Operating cash flow−$1.07M9$1.24M10$203,00011$1.73M12−$901,00012
Capital expenditure$355,00013$2.54M14$230,00015$375,00016$1.28M16
Free cash flow (derived)−$1.42M9−$1.3M10−$27,00011$1.35M12−$2.18M12
Total debt—————
Cash & equivalents$3.68M17$2.35M18$2.03M19$3.42M19$1.54M19
Diluted shares12.5M11,98111,88812,34412,133

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
$7,387.29
your share of equity
Profit it earned you last year
−$31.32
Free cash flow it threw off
−$1,799.23
Debt you’d be carrying
—

10 shares is a claim on $7,387.29 of net worth that earned you −$31.32 and generated −$1,799.23 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 35%FY22 -48%FY23 -34%FY24 50%FY25 0%

It earned an average 1% 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
−100% shares · 5y

Share count is down 100% 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. 10-K · period ending 2021-12-31 · accession 0001683168-23-001986 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-004474 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002554 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002462 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001986 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-004474 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002554 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002462 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001986 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-004474 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002554 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002462 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-001986 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-004474 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002554 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002462 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001683168-24-004474 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-25-002554 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-26-002462 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)