MeritValue

Ocean Power Technologies, Inc.

OPTTdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Ocean Power Technologies, Inc. earns about -113% on invested capital, and has bought back 100% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.76M1$2.73M2$5.53M3$5.86M4$700,0005
Net income−$18.9M6−$26.3M7−$27.5M8−$24.5M9−$48.9M9
Operating cash flow−$21.3M10−$21.7M11−$29.8M12−$18.6M13−$20.8M13
Capital expenditure$145,00014$648,00015$2.59M16$505,00017$4.01M17
Free cash flow (derived)−$21.4M10−$22.4M11−$32.3M12−$19.1M13−$24.8M13
Total debt————$12M18
Cash & equivalents$7.89M19$6.88M20$3.15M21$6.72M22$8.72M22
Diluted shares54.01B56.0M59.0M126.9M194.3M

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
$0.64
your share of equity
Profit it earned you last year
−$2.52
Free cash flow it threw off
−$1.28
Debt you’d be carrying
$0.62

10 shares is a claim on $0.64 of net worth that earned you −$2.52 and generated −$1.28 of cash last year, against $0.62 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-113% avg · 5y
FY22 -27%FY23 -55%FY24 -136%FY25 -101%FY26 -244%

It earned an average -113% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 v0.5.0
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 2022-04-30 · accession 0001493152-22-019173 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-30 · accession 0001493152-24-029074 (Revenues)
  3. 10-K · period ending 2024-04-30 · accession 0001641172-25-020888 (Revenues)
  4. 10-K · period ending 2025-04-30 · accession 0001493152-26-039261 (Revenues)
  5. 10-K · period ending 2026-04-30 · accession 0001493152-26-039261 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 10-K · period ending 2022-04-30 · accession 0001493152-23-025878 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001493152-24-029074 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001641172-25-020888 (NetIncomeLoss)
  9. 10-K · period ending 2025-04-30 · accession 0001493152-26-039261 (NetIncomeLoss)
  10. 10-K · period ending 2022-04-30 · accession 0001493152-23-025878 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001493152-24-029074 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001641172-25-020888 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2025-04-30 · accession 0001493152-26-039261 (NetCashProvidedByUsedInOperatingActivities)
  14. 10-K · period ending 2022-04-30 · accession 0001493152-23-025878 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-04-30 · accession 0001493152-24-029074 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-04-30 · accession 0001641172-25-020888 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2025-04-30 · accession 0001493152-26-039261 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 10-K · period ending 2026-04-30 · accession 0001493152-26-039261 (LongTermDebt)
  19. 10-K · period ending 2022-04-30 · accession 0001493152-23-025878 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-04-30 · accession 0001493152-24-029074 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-04-30 · accession 0001641172-25-020888 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-04-30 · accession 0001493152-26-039261 (CashAndCashEquivalentsAtCarryingValue)