MeritValue

Loop Industries, Inc.

LOOPdata completeness 88%15 fiscal years on file
The thesis, from the filings

Loop Industries, Inc. earns about -1103% on equity, 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$01$173,0002$153,0003$10.9M4$514,0004
Net income−$44.9M5−$21.3M6−$21.1M7−$15.1M8−$12.3M8
Operating cash flow−$40.6M9−$34.9M10−$18M11−$2.12M12−$10.1M12
Capital expenditure$4.82M13$81,00014$5.16M15$015—
Free cash flow (derived)−$45.4M9−$35M10−$23.2M11−$2.12M12—
Total debt$7M16$6.87M17$6.83M18$6.31M19$6.17M19
Cash & equivalents$44.1M20$29.6M21$6.96M21$13M22$2.36M22
Diluted shares47.4M47.5M47.5M47.6M48.0M

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
−$2
your share of equity
Profit it earned you last year
−$2.56
Free cash flow it threw off
—
Debt you’d be carrying
$1.29

10 shares is a claim on −$2 of net worth that earned you −$2.56 last year, against $1.29 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1103% avg · 5y
FY22 -98%FY23 -63%FY24 -149%FY25 -4103%FY26 —

It earned an average -1103% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 12% — 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 2022-02-28 · accession 0001654954-23-006894 (Revenues)
  2. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (Revenues)
  3. 10-K/A · period ending 2024-02-29 · accession 0001654954-25-006337 (Revenues)
  4. 10-K · period ending 2025-02-28 · accession 0001437749-26-018576 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-02-28 · accession 0001654954-23-006894 (NetIncomeLoss)
  6. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-02-29 · accession 0001654954-25-006337 (NetIncomeLoss)
  8. 10-K · period ending 2025-02-28 · accession 0001437749-26-018576 (NetIncomeLoss)
  9. 10-K · period ending 2022-02-28 · accession 0001654954-23-006894 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-02-29 · accession 0001654954-25-006337 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-02-28 · accession 0001437749-26-018576 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-02-28 · accession 0001654954-23-006894 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-02-29 · accession 0001654954-25-006337 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-02-28 · accession 0001654954-23-006894 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2024-02-29 · accession 0001654954-25-006337 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-02-28 · accession 0001437749-26-018576 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2022-02-28 · accession 0001654954-23-006894 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-02-28 · accession 0001654954-24-007029 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-02-28 · accession 0001437749-26-018576 (CashAndCashEquivalentsAtCarryingValue)