MeritValue

Satellogic Inc.

SATLdata completeness 88%7 fiscal years on file
The thesis, from the filings

Satellogic Inc. earns about -83% on invested capital, but has diluted owners by 705% 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$4.25M1$6.01M1$10.1M2$12.9M3$17.7M3
Net income−$117.7M4——−$116.3M5−$4.78M5
Operating cash flow−$28.4M6−$68.5M6−$49.6M7−$35.9M8−$26.9M8
Capital expenditure$11.2M9$27.3M9$14.9M10$5.04M11$7.38M11
Free cash flow (derived)−$39.7M6−$95.7M6−$64.5M7−$40.9M8−$34.3M8
Total debt$571.6M12$013———
Cash & equivalents$8.53M14$76.5M15$23.5M16$22.5M17$94.4M17
Diluted shares16.7M83.8M89.5M91.2M134.1M

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
$4.51
your share of equity
Profit it earned you last year
−$0.36
Free cash flow it threw off
−$2.55
Debt you’d be carrying
—

10 shares is a claim on $4.51 of net worth that earned you −$0.36 and generated −$2.55 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-83% avg · 5y
FY21 -23%FY22 -81%FY23 -145%FY24 —FY25 —

It earned an average -83% 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
+705% shares · 5y

Share count is up 705% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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. 20-F · period ending 2021-12-31 · accession 0001628280-24-016229 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-014951 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001874315-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2021-12-31 · accession 0001193125-22-151800 (ProfitLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001874315-26-000013 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001628280-24-016229 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-014951 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001874315-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001628280-24-016229 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-014951 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001874315-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001628280-23-013665 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2022-12-31 · accession 0001628280-23-013665 (DebtCurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001628280-23-013665 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001628280-24-016229 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-25-014951 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001874315-26-000013 (CashAndCashEquivalentsAtCarryingValue)