MeritValue

LanzaTech Global, Inc.

LNZAdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

LanzaTech Global, Inc. earns about -571% on equity, and has bought back 76% 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—$37.3M1$62.6M2$49.6M3$55.8M3
Net income$46,7384−$76.4M5−$134.1M6−$137.7M7−$49M7
Operating cash flow−$510,0178−$84.7M9−$97.3M10−$89.1M11−$64.9M11
Capital expenditure—$10.7M12$8.55M13$5.31M14$1.26M14
Free cash flow (derived)—−$95.4M9−$105.8M10−$94.4M11−$66.1M11
Total debt—$50M15$25.2M15——
Cash & equivalents$343,39916$83M17$75.6M18$43.5M19$13.2M19
Diluted shares—9.3M176.0M2.0M2.2M

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
−$17.71
your share of equity
Profit it earned you last year
−$222.71
Free cash flow it threw off
−$300.79
Debt you’d be carrying
—

10 shares is a claim on −$17.71 of net worth that earned you −$222.71 and generated −$300.79 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-571% avg · 5y
FY21 —FY22 —FY23 -117%FY24 -1024%FY25 —

It earned an average -571% 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
−76% shares · 5y

Share count is down 76% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 50% — deleveraging.

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 2022-12-31 · accession 0001628280-24-008069 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-017874 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-022505 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-23-009618 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-008069 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-25-017874 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-022505 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001628280-23-009618 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-008069 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-017874 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-022505 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001628280-24-008069 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-25-017874 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-022505 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001628280-24-008069 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001628280-23-009618 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-24-008069 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-25-017874 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-022505 (CashAndCashEquivalentsAtCarryingValue)