MeritValue

CO2 Energy Transition Corp.

NOEMdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

The applicable estimate puts fair value near $0.01 a share.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 2023FY 2024FY 2025
Revenue———
Net income−$184,3651$2,6322$1.65M2
Operating cash flow−$114,7123−$305,5894−$745,3594
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$2,1125$953,0695$287,6015
Diluted shares2.3M2.7M2.7M

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
−$6.66
your share of equity
Profit it earned you last year
$6.15
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$6.66 of net worth that earned you $6.15 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

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

seeing a moat in the numbers →
Management signal · capital allocation
+17% shares · 3y

Share count is up 17% over 3 years — owners have been diluted. Worth asking what they got for it.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.01
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2,632
  • growthAssumed0.0%
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 2023-12-31 · accession 0001013762-25-004368 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-027784 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-004368 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-027784 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-26-027784 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)