MeritValue

Rivian Automotive, Inc. / DE

RIVNdata completeness 100%7 fiscal years on file
The thesis, from the filings

Rivian Automotive, Inc. / DE earns about -97% on invested capital, but has diluted owners by 481% 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$55M1$1.66B2$4.43B3$4.97B3$5.39B3
Net income−$4.69B4−$6.75B5−$5.43B6−$4.75B6−$3.65B6
Operating cash flow−$2.62B7−$5.05B8−$4.87B9−$1.72B9−$779M9
Capital expenditure$1.79B10$1.37B11$1.03B12$1.14B12$1.71B12
Free cash flow (derived)−$4.42B7,10−$6.42B8,11−$5.89B9,12−$2.86B9,12−$2.49B9,12
Total debt$1.23B13$1.23B14$4.43B14$4.44B15$4.44B15
Cash & equivalents$18.1B16$11.6B17$7.86B18$5.29B19$3.58B19
Diluted shares204.0M913.0M947.0M1.01B1.19B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$38.74
your share of equity
Profit it earned you last year
−$30.74
Free cash flow it threw off
−$20.99
Debt you’d be carrying
$37.44

10 shares is a claim on $38.74 of net worth that earned you −$30.74 and generated −$20.99 of cash last year, against $37.44 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-97% avg · 5y
FY21 -141%FY22 -152%FY23 -72%FY24 -66%FY25 -52%

It earned an average -97% 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
+481% shares · 5y

Share count is up 481% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 262% over the same window.

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 v0.6.0
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 →

Beyond this page

This page is free, and so is every other company on MeritValue.

In your AI assistant

Connect the MeritValue MCP server to Claude or another MCP client, ask about Rivian Automotive, Inc. / DE, and get these exact figures with their filing receipts — not an improvised DCF.

Get a free key →
Screen by model

Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.

See pricing →
On iPhone

Follow RIVN and keep your own price beside the value. The same engine, with the same receipts.

MeritValue on the App Store →
Sources — the receipts
  1. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001874178-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0001874178-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001874178-24-000014 (NetIncomeLoss)
  5. 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0001874178-25-000007 (NetIncomeLoss)
  6. 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (NetIncomeLoss)
  7. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001874178-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0001874178-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001874178-24-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0001874178-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-02-12 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001874178-23-000009 (LongTermDebt)
  14. 10-K filed 2024-02-26 · periods ending 2022-12-31, 2023-12-31 · accession 0001874178-24-000014 (LongTermDebt)
  15. 10-K filed 2026-02-12 · periods ending 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (LongTermDebtNoncurrent)
  16. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001874178-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2024-02-26 · period ending 2022-12-31 · accession 0001874178-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-02-24 · period ending 2023-12-31 · accession 0001874178-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2026-02-12 · periods ending 2024-12-31, 2025-12-31 · accession 0001874178-26-000008 (CashAndCashEquivalentsAtCarryingValue)