MeritValue

Local Bounti Corporation/DE

LOCLdata completeness 100%6 fiscal years on file
The thesis, from the filings

Local Bounti Corporation/DE earns about -320% on equity, and has bought back 68% 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$638,0001$19.5M2$27.6M3$38.1M4$48.4M4
Net income−$56.1M5−$111.1M6−$124M7−$119.9M8−$94.4M8
Operating cash flow−$20.1M9−$48.8M10−$33.2M11−$27.1M12−$30.3M12
Capital expenditure$29.7M13$56M14$162.3M15$82.5M16$11.6M16
Free cash flow (derived)−$49.8M9−$104.8M10−$195.4M11−$109.5M12−$41.9M12
Total debt$22.4M17$239.6M18$556M19$893.8M20$966.2M20
Cash & equivalents$96.7M21$13.7M22$10.3M23$937,00024$4.23M24
Diluted shares52.9M6.7M7.9M8.5M16.9M

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
−$98.39
your share of equity
Profit it earned you last year
−$55.86
Free cash flow it threw off
−$24.81
Debt you’d be carrying
$571.88

10 shares is a claim on −$98.39 of net worth that earned you −$55.86 and generated −$24.81 of cash last year, against $571.88 of debt.

iii. Is this a good business?
Moat signal · return on equity
-320% avg · 5y
FY21 -55%FY22 -92%FY23 -812%FY24 —FY25 —

It earned an average -320% 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
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 4214% 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
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 0001840780-23-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001840780-23-000014 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001840780-23-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001840780-23-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001840780-23-000014 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001840780-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001840780-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001840780-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001628280-26-021706 (CashAndCashEquivalentsAtCarryingValue)