MeritValue

SunPower Inc.

SPWRdata completeness 88%5 fiscal years on file
The thesis, from the filings

SunPower Inc. earns about -28% on equity, but has diluted owners by 287% 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—$66.5M1$87.6M2$108.7M3$300M3
Net income$5.13M4−$29.5M5−$269.6M6−$56.5M7−$45.4M7
Operating cash flow−$2.04M8−$31.5M9−$58.6M10−$54.7M11−$15.3M11
Capital expenditure——$35,00012——
Free cash flow (derived)——−$58.6M10——
Total debt—$013$33.3M13$1.5M14$189.1M15
Cash & equivalents$277,58316$4.41M17$2.59M18$13.4M19$9.62M19
Diluted shares—22.5M24.7M75.8M87.1M

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
−$10.35
your share of equity
Profit it earned you last year
−$5.21
Free cash flow it threw off
—
Debt you’d be carrying
$21.7

10 shares is a claim on −$10.35 of net worth that earned you −$5.21 last year, against $21.7 of debt.

iii. Is this a good business?
Moat signal · return on equity
-28% avg · 5y
FY21 —FY22 -28%FY23 —FY24 —FY25 —

It earned an average -28% 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
+287% shares · 5y

Share count is up 287% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001213900-24-028747 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-037748 (Revenues)
  3. 10-K · period ending 2024-12-29 · accession 0001213900-26-043623 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-027997 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-028747 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-037748 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-29 · accession 0001213900-26-043623 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-027997 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-028747 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-037748 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-29 · accession 0001213900-26-043623 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-037748 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-028747 (ShortTermBorrowings)
  14. 10-K · period ending 2024-12-29 · accession 0001213900-25-037748 (ShortTermBorrowings)
  15. 10-K · period ending 2025-12-28 · accession 0001213900-26-043623 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-027997 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-028747 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-25-037748 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-29 · accession 0001213900-26-043623 (CashAndCashEquivalentsAtCarryingValue)