MeritValue

Nuvve Holding Corp.

NVVEdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Nuvve Holding Corp. earns about -251% on equity, and has bought back 98% 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$4.19M1$5.37M2$8.33M3$5.29M4$4.79M4
Net income−$72.5M5−$24M6−$31.3M7−$17.4M8−$30.8M8
Operating cash flow−$29.2M9−$34.1M10−$21.3M11−$15.7M12−$16.6M12
Capital expenditure$273,12413$438,04514$188,43315$45,39516$57,09916
Free cash flow (derived)−$29.5M9−$34.5M10−$21.4M11−$15.8M12−$16.7M12
Total debt$017—$018$11.9M19$5.16M19
Cash & equivalents$32.4M20$15.8M21$1.53M22$371,49723$5.47M23
Diluted shares16.7M524,29779,82716,158407,435

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
−$41.06
your share of equity
Profit it earned you last year
−$756.5
Free cash flow it threw off
−$409.49
Debt you’d be carrying
$126.63

10 shares is a claim on −$41.06 of net worth that earned you −$756.5 and generated −$409.49 of cash last year, against $126.63 of debt.

iii. Is this a good business?
Moat signal · return on equity
-251% avg · 5y
FY21 -246%FY22 -88%FY23 -419%FY24 —FY25 —

It earned an average -251% 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
−98% shares · 5y

Share count is down 98% 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/A · period ending 2021-12-31 · accession 0001836875-23-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001836875-24-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001836875-23-000052 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001836875-24-000035 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001836875-23-000052 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001836875-24-000035 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001836875-23-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001836875-24-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001836875-23-000052 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (LongTermDebtNoncurrent)
  20. 10-K/A · period ending 2021-12-31 · accession 0001836875-23-000052 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001836875-24-000035 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001836875-25-000076 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001836875-26-000026 (CashAndCashEquivalentsAtCarryingValue)