MeritValue

SusGlobal Energy Corp.

SNRGdata completeness 88%10 fiscal years on file
The thesis, from the filings

SusGlobal Energy Corp. earns about -121% on invested capital, but has diluted owners by 53% 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$754,3341$720,0552$610,4613$79,8864$32,3404
Net income−$4.87M5−$12M6−$8.23M7−$7.86M8−$5.69M8
Operating cash flow−$2.04M9−$1.21M10−$1.47M11−$1.85M12−$2,89512
Capital expenditure$1.88M13$1.87M14$2.34M15$015—
Free cash flow (derived)−$3.92M9−$3.08M10−$3.81M11−$1.85M12—
Total debt$19M16$26.6M17$28.1M18$26.8M19$29.2M19
Cash & equivalents$36,03320$42,90021$1,26322$1,29523$023
Diluted shares91.0M102.7M121.5M127.0M139.5M

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
−$2.27
your share of equity
Profit it earned you last year
−$0.41
Free cash flow it threw off
—
Debt you’d be carrying
$2.09

10 shares is a claim on −$2.27 of net worth that earned you −$0.41 last year, against $2.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-121% avg · 5y
FY21 -28%FY22 -69%FY23 -72%FY24 -317%FY25 —

It earned an average -121% 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
+53% shares · 5y

Share count is up 53% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 53% 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
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 0001062993-23-009243 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001062993-26-003641 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001062993-23-009243 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001062993-26-003641 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001062993-23-009243 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001062993-26-003641 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001062993-23-009243 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001062993-23-009243 (LongTermDebtNoncurrent)
  17. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001062993-26-003641 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001062993-23-009243 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-020888 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001062993-25-009309 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001062993-26-003641 (CashAndCashEquivalentsAtCarryingValue)