MeritValue

NET Power Inc.

NPWRdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

NET Power Inc. earns about -14834% on invested capital, but has diluted owners by 2029% over 4 years — worth asking whether the growth reaches owners. 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 2024FY 2025
Revenue—$580,0001$250,0002$02
Net income−$9.8M3−$54.8M4−$49.2M5−$578.6M5
Operating cash flow−$1.33M6−$16.6M7−$31.6M8−$120.8M8
Capital expenditure—$115,0009$68.7M10$33.2M10
Free cash flow (derived)—−$16.7M7−$100.3M8−$154M8
Total debt————
Cash & equivalents$445,00011$5.16M12$329.2M13$199.4M13
Diluted shares—3.7M73.4M78.8M

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
$25.87
your share of equity
Profit it earned you last year
−$73.41
Free cash flow it threw off
−$19.54
Debt you’d be carrying
—

10 shares is a claim on $25.87 of net worth that earned you −$73.41 and generated −$19.54 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-14834% avg · 4y
FY21 —FY22 —FY24 -42%FY25 -29625%

It earned an average -14834% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2029% shares · 4y

Share count is up 2029% over 4 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
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 0001845437-24-000006 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001845437-26-000009 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-016333 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001845437-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001845437-26-000009 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-22-016130 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001845437-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001845437-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001845437-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001845437-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001845437-24-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2022-12-31 · accession 0001845437-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001845437-26-000009 (CashAndCashEquivalentsAtCarryingValue)