MeritValue

Intuitive Machines, Inc.

LUNRdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$85.9M1$79.6M2$228M3$207.1M3
Net income−$315,5114−$190,4084$61.8M5−$283.4M6−$83.3M6
Operating cash flow−$1.2M7$784,0008−$45.3M9−$57.6M10−$14.3M10
Capital expenditure—$16.4M11$29.9M12$10.1M13$41.6M13
Free cash flow (derived)—−$15.6M8−$75.2M9−$67.7M10−$56M10
Total debt—$20M14$8M15$016$670.7M16
Cash & equivalents$359,61017$25.8M18$4.5M19$207.6M20$582.6M20
Diluted shares9.3M—25.6M61.4M115.4M

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
−$65.41
your share of equity
Profit it earned you last year
−$7.22
Free cash flow it threw off
−$4.85
Debt you’d be carrying
$58.1

10 shares is a claim on −$65.41 of net worth that earned you −$7.22 and generated −$4.85 of cash last year, against $58.1 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1138% shares · 5y

Share count is up 1138% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 3260% 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 v0.5.0
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 0001844452-24-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024857 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-024857 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001844452-24-000036 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001844452-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001844452-24-000036 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-024857 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001844452-24-000036 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001844452-25-000023 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-019865 (CashAndCashEquivalentsAtCarryingValue)