MeritValue

Solaris Energy Infrastructure, Inc.

SEIdata completeness 88%11 fiscal years on file
The thesis, from the filings

Solaris Energy Infrastructure, Inc. earns about 9% on invested capital. 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$145.7M1$300M1$292.9M2$313.1M2$622.2M2
Net income−$868,0003$21.2M3$24.3M4$15.8M4$30.2M4
Operating cash flow$16.5M5$68M5$89.4M6$59.4M6$209.1M6
Capital expenditure$19.6M7$81.4M7$64.4M8$188.4M8$646.8M8
Free cash flow (derived)−$3.17M5−$13.4M5$25M6−$129.1M6−$437.7M6
Total debt——$60M9$631.4M10$368M10
Cash & equivalents$36.5M11$8.84M12$5.83M13$114.3M14$353.3M14
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 -0%FY22 16%FY23 14%FY24 3%FY25 10%

It earned an average 9% 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
— shares · 5y

Total debt has risen 513% 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 v0.1.0
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
no diluted share count
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 0001558370-23-003344 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-012501 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001697500-24-000023 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001628280-26-012501 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001697500-24-000023 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-012501 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001697500-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-012501 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001697500-25-000013 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001628280-26-012501 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-003344 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001697500-24-000023 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001697500-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-012501 (CashAndCashEquivalentsAtCarryingValue)