MeritValue

SPRUCE POWER HOLDING CORP

SPRUdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

SPRUCE POWER HOLDING CORP earns about -25% on equity, and has bought back 88% 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$01$23.2M2$79.9M3$82.1M4$111.8M4
Net income$28.8M5−$93.9M6−$65.8M7−$70.5M8−$26M8
Operating cash flow−$48.5M9−$63.5M10−$33.7M11−$41.8M12−$3.53M12
Capital expenditure$3.64M13$014$499,00015$354,00016$221,00016
Free cash flow (derived)−$52.1M9−$63.5M10−$34.2M11−$42.2M12−$3.75M12
Total debt$99,00017$1.03B18$1.27B19$1.44B20$1.37B20
Cash & equivalents$351.7M21$220.3M22$141.4M23$72.8M24$54.8M24
Diluted shares148.5M17.8M18.4M18.5M18.1M

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
$67.11
your share of equity
Profit it earned you last year
−$14.4
Free cash flow it threw off
−$2.08
Debt you’d be carrying
$759.51

10 shares is a claim on $67.11 of net worth that earned you −$14.4 and generated −$2.08 of cash last year, against $759.51 of debt.

iii. Is this a good business?
Moat signal · return on equity
-25% avg · 5y
FY21 8%FY22 -33%FY23 -31%FY24 -48%FY25 -21%

It earned an average -25% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1386049% 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 0001628280-23-009917 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-009917 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-22-010097 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-22-010097 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-009917 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (LongTermDebtNoncurrent)
  20. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-009917 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-24-015334 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001628280-25-015702 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K/A · period ending 2024-12-31 · accession 0001628280-26-049579 (CashAndCashEquivalentsAtCarryingValue)