MeritValue

Maxeon Solar Technologies, Ltd.

MAXNQdata completeness 100%7 fiscal years on file
The thesis, from the filings

Maxeon Solar Technologies, Ltd. earns about -245% on equity, and has bought back 74% 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 2023FY 2024
Revenue$844.8M1$783.3M2$1.06B3$1.12B3$509M3
Net income−$142.6M4−$254.5M5−$267.4M6−$275.8M6−$614.3M6
Operating cash flow−$189.2M7−$4.87M8$3.44M9−$254.3M9−$270.2M9
Capital expenditure$27.7M10$154.2M11$63.3M12$67.5M12$52.1M12
Free cash flow (derived)−$216.9M7−$159.1M8−$59.9M9−$321.7M9−$322.3M9
Total debt$48.4M13$25.4M14$50.5M15$25.4M16$462,00016
Cash & equivalents$206.7M17$166.5M18$227.4M19$190.2M19$28.9M19
Diluted shares24.5M37.5M409,000464,0006.4M

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
−$459.2
your share of equity
Profit it earned you last year
−$959.99
Free cash flow it threw off
−$503.68
Debt you’d be carrying
$0.72

10 shares is a claim on −$459.2 of net worth that earned you −$959.99 and generated −$503.68 of cash last year, against $0.72 of debt.

iii. Is this a good business?
Moat signal · return on equity
-245% avg · 5y
FY21 -33%FY22 -73%FY23 -630%FY23 —FY24 —

It earned an average -245% 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
−74% shares · 5y

Share count is down 74% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 99% — 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. 20-F · period ending 2021-01-03 · accession 0001796898-23-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-01-02 · accession 0001796898-24-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-01-01 · accession 0001796898-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-01-03 · accession 0001796898-23-000025 (NetIncomeLoss)
  5. 20-F · period ending 2022-01-02 · accession 0001796898-24-000036 (NetIncomeLoss)
  6. 20-F · period ending 2023-01-01 · accession 0001796898-25-000031 (NetIncomeLoss)
  7. 20-F · period ending 2021-01-03 · accession 0001796898-23-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-01-02 · accession 0001796898-24-000036 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-01-01 · accession 0001796898-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-01-03 · accession 0001796898-23-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-01-02 · accession 0001796898-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-01-01 · accession 0001796898-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-01-03 · accession 0001796898-22-000020 (ShortTermBorrowings)
  14. 20-F · period ending 2022-01-02 · accession 0001796898-23-000025 (ShortTermBorrowings)
  15. 20-F · period ending 2023-01-01 · accession 0001796898-24-000036 (ShortTermBorrowings)
  16. 20-F · period ending 2023-12-31 · accession 0001796898-25-000031 (ShortTermBorrowings)
  17. 20-F · period ending 2021-01-03 · accession 0001796898-23-000025 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-01-02 · accession 0001796898-24-000036 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-01-01 · accession 0001796898-25-000031 (CashAndCashEquivalentsAtCarryingValue)