MeritValue

374Water Inc.

SCWOdata completeness 88%18 fiscal years on file
The thesis, from the filings

374Water Inc. earns about -224% on invested capital, and has bought back 84% of its shares over 5 years. 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$48,1001$3.02M2$743,9523$445,4454$215,0374
Net income−$3.16M5−$4.69M6−$8.1M7−$12.4M8−$21M8
Operating cash flow−$1.84M9−$4.95M10−$9.03M11−$10.6M12−$14.3M12
Capital expenditure$1,19013$144,56714$105,99015$554,94216$1.9M16
Free cash flow (derived)−$1.84M9−$5.09M10−$9.14M11−$11.1M12−$16.2M12
Total debt—————
Cash & equivalents$11.1M17$4.05M18$10.4M19$10.7M19$3.2M20
Diluted shares94.0M126.7M130.4M13.4M15.2M

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
$4.42
your share of equity
Profit it earned you last year
−$13.77
Free cash flow it threw off
−$10.65
Debt you’d be carrying
—

10 shares is a claim on $4.42 of net worth that earned you −$13.77 and generated −$10.65 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-224% avg · 5y
FY21 -209%FY22 -88%FY23 -149%FY24 -204%FY25 -470%

It earned an average -224% 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
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001654954-23-003036 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-003957 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-003443 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-003094 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003036 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-003957 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-003443 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-003094 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003036 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-003957 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-003443 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-003094 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-003036 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-003957 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001654954-25-003443 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001654954-26-003094 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-003036 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001654954-24-003957 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001654954-25-003443 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0001654954-26-003094 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)