MeritValue

QS Energy, Inc.

QSEPdata completeness 88%27 fiscal years on file

Data notes: no data for concept 'totalDebt'; 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'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$03$04$04
Net income−$1.42M5−$1.55M6−$1.22M7−$1.93M8−$15.3M8
Operating cash flow−$722,0009−$923,00010−$629,00011−$1.17M12−$4.01M12
Capital expenditure$013$1,00014$015$2,00016$016
Free cash flow (derived)−$722,0009−$924,00010−$629,00011−$1.17M12−$4.01M12
Total debt—————
Cash & equivalents$114,00017$133,00018$70,00019$150,00019$6,00019
Diluted shares336.0M361.8M385.6M405.0M499.7M

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
−$0.12
your share of equity
Profit it earned you last year
−$0.31
Free cash flow it threw off
−$0.08
Debt you’d be carrying
—

10 shares is a claim on −$0.12 of net worth that earned you −$0.31 and generated −$0.08 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+49% shares · 5y

Share count is up 49% 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 v0.5.0
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 2021-12-31 · accession 0001683168-23-001974 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-001974 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-002236 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-001980 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002551 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-24-002236 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-25-001980 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-26-002551 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)