MeritValue

Power REIT

PWdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Power REIT earns about -95% on equity, but has diluted owners by 5% 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$8.46M1$8.52M2$2.22M3$3.05M4$2.01M4
Net income$5.14M5−$14.3M6−$14.4M7−$24.7M8−$2.2M8
Operating cash flow$8M9$6.84M10−$2.62M11−$1.39M12−$68,31612
Capital expenditure——$15,00013——
Free cash flow (derived)——−$2.64M11——
Total debt$47M14$76.9M15$72.5M16$75.3M17$40.9M17
Cash & equivalents$3.17M18$2.85M19$2.2M20$2.19M21$2.24M21
Diluted shares3.3M3.4M3.4M3.4M3.4M

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
$15.05
your share of equity
Profit it earned you last year
−$6.43
Free cash flow it threw off
—
Debt you’d be carrying
$119.67

10 shares is a claim on $15.05 of net worth that earned you −$6.43 last year, against $119.67 of debt.

iii. Is this a good business?
Moat signal · return on equity
-95% avg · 5y
FY21 10%FY22 -32%FY23 -47%FY24 -366%FY25 -43%

It earned an average -95% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 13% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 0001493152-23-010313 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014062 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010313 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012040 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014062 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010313 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012040 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014062 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010313 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-012040 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-014062 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-010313 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-012040 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-001515 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-014062 (CashAndCashEquivalentsAtCarryingValue)