MeritValue

NU RIDE INC.

NRDEdata completeness 63%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

NU RIDE INC. earns about -566% on equity, and has bought back 91% 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—$194,0001$2.34M2——
Net income−$410.4M3−$282.4M4−$343.1M5−$8.14M6−$619,0006
Operating cash flow−$388M7−$213.8M8−$137.2M9−$35.1M10−$7.23M10
Capital expenditure$284.5M11$54.6M12$10.2M13——
Free cash flow (derived)−$672.5M7−$268.3M8−$147.3M9——
Total debt—————
Cash & equivalents$244M14$121.4M15$87.1M16$23.1M17$34.4M17
Diluted shares180.7M13.9M15,94516.1M16.1M

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
$1.61
your share of equity
Profit it earned you last year
−$0.38
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.61 of net worth that earned you −$0.38 last year.

iii. Is this a good business?
Moat signal · return on equity
-566% avg · 5y
FY21 -76%FY22 -80%FY23 -2532%FY24 -120%FY25 -24%

It earned an average -566% 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
−91% shares · 5y

Share count is down 91% 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 2022-12-31 · accession 0001558370-24-002081 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001195 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001558370-23-002862 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001558370-24-002081 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001195 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-23-002862 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-24-002081 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001195 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013005 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-002862 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-24-002081 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001195 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001558370-23-002862 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001558370-24-002081 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-001195 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-013005 (CashAndCashEquivalentsAtCarryingValue)