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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)−$49.8M9,13−$104.8M10,14−$195.4M11,15−$109.5M12,16−$41.9M12,16
Total debt$11.2M17$119.8M18$278M19,20$457M21,22$483.1M21,22
Cash & equivalents$96.7M23$13.7M24$10.3M25$937,00026$4.23M26
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). A derived or summed figure cites every filing line it was built from.

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
$285.94

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 $285.94 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (NetIncomeLoss)
  6. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (NetIncomeLoss)
  7. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (NetIncomeLoss)
  8. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (NetIncomeLoss)
  9. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (LongTermDebt)
  18. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (LongTermDebt)
  19. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (LongTermDebt)
  20. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (ShortTermBorrowings)
  21. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (LongTermDebt)
  22. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (ShortTermBorrowings)
  23. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001840780-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2024-03-28 · period ending 2022-12-31 · accession 0001840780-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001840780-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  26. 10-K filed 2026-03-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021706 (CashAndCashEquivalentsAtCarryingValue)