MeritValue

Momentus Inc.

MNTSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Momentus Inc. earns about -624% on equity, and has bought back 99% 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$330,0001$299,0002$3.09M3$2.11M4$1.11M4
Net income$120.7M5−$95.4M6−$68.9M7−$34.9M8−$30.5M8
Operating cash flow−$86.7M9−$87.9M10−$61.8M11−$16.6M12−$23.3M12
Capital expenditure$2.97M13$583,00014$94,00015$016$12,00016
Free cash flow (derived)−$89.7M9−$88.5M10−$61.9M11−$16.6M12−$23.3M12
Total debt—————
Cash & equivalents$160M17$61.1M18$2.12M19$1.57M20$12.8M20
Diluted shares70.9M1.6M212,74484,409622,937

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
$275.15
your share of equity
Profit it earned you last year
−$489.1
Free cash flow it threw off
−$373.83
Debt you’d be carrying
—

10 shares is a claim on $275.15 of net worth that earned you −$489.1 and generated −$373.83 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-624% avg · 5y
FY21 91%FY22 -247%FY23 -2163%FY24 —FY25 -178%

It earned an average -624% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001781162-23-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-026929 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001781162-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-022291 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001781162-23-000015 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-026929 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001781162-25-000008 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-022291 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001781162-23-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-026929 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001781162-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022291 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001781162-23-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-026929 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001781162-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-022291 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001781162-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-026929 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001781162-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-022291 (CashAndCashEquivalentsAtCarryingValue)