MeritValue

Polar Power, Inc.

POLAdata completeness 75%10 fiscal years on file
The thesis, from the filings

Polar Power, Inc. earns about -1297% on equity, and has bought back 80% 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$16.9M1$16.1M2$15.3M3$14M4$6.3M4
Net income−$1.41M5−$5.58M6−$6.55M7−$4.68M8−$9.13M8
Operating cash flow−$9.38M9−$6.51M10−$3.43M11−$536,00012−$1.06M12
Capital expenditure$71,00013$25,00014$194,00015$19,00016—
Free cash flow (derived)−$9.45M9−$6.53M10−$3.62M11−$555,00012—
Total debt$510,00017$268,00018$64,00019——
Cash & equivalents$5.1M20$211,00021$549,00022$498,00023$200,00023
Diluted shares12.7M12.9M1.9M2.5M2.5M

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
$0.57
your share of equity
Profit it earned you last year
−$35.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.57 of net worth that earned you −$35.95 last year.

iii. Is this a good business?
Moat signal · return on equity
-1297% avg · 5y
FY21 -6%FY22 -31%FY23 -50%FY24 -55%FY25 -6342%

It earned an average -1297% 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
−80% shares · 5y

Share count is down 80% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 87% — deleveraging.

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 2021-12-31 · accession 0001493152-23-010248 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012355 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001504 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016671 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010248 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012355 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001504 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016671 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010248 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012355 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001504 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016671 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010248 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012355 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001504 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016671 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-008449 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-23-010248 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-24-012355 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-010248 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-012355 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-001504 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-016671 (CashAndCashEquivalentsAtCarryingValue)