MeritValue

PIONEER POWER SOLUTIONS, INC.

PPSIdata completeness 75%16 fiscal years on file
The thesis, from the filings

PIONEER POWER SOLUTIONS, INC. earns about -43% on invested capital, but has diluted owners by 26% over 5 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 2023FY 2024FY 2025
Revenue$18.3M1$25.9M2$11.1M3$22.9M4$27.6M4
Net income−$2.17M5−$5.42M6−$1.9M7$31.9M8−$6M8
Operating cash flow−$3.19M9−$5.77M10−$3.9M11−$6.21M12−$5.82M12
Capital expenditure$237,00013$1.51M14$2.5M15$3.76M16$2.68M16
Free cash flow (derived)−$3.43M9−$7.28M10−$6.39M11−$9.97M12−$8.5M12
Total debt—————
Cash & equivalents$11.7M17$10.3M17$3.58M18$41.6M19—
Diluted shares8.9M9.7M10.1M11.0M11.2M

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
$26.2
your share of equity
Profit it earned you last year
−$5.36
Free cash flow it threw off
−$7.59
Debt you’d be carrying
—

10 shares is a claim on $26.2 of net worth that earned you −$5.36 and generated −$7.59 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-43% avg · 5y
FY21 -22%FY22 -88%FY23 -47%FY24 —FY25 -17%

It earned an average -43% 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
+26% shares · 5y

Share count is up 26% over 5 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 2021-12-31 · accession 0001493152-23-011850 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-029269 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004681 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-015715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-011850 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-029269 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004681 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-015715 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-011850 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-029269 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004681 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-015715 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-011850 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-029269 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004681 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-015715 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-011850 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-24-029269 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001641172-25-004681 (CashAndCashEquivalentsAtCarryingValue)