MeritValue

Solidion Technology Inc.

STIdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Solidion Technology Inc. earns about -56% on invested capital, and has bought back 94% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue—$6,9441—$13,3502
Net income$593,9053−$5.32M4−$32.4M5−$41M5
Operating cash flow−$725,1026−$4.07M7−$7.38M8−$4.54M8
Capital expenditure———$117,8129
Free cash flow (derived)———−$4.65M8
Total debt————
Cash & equivalents$621,57510$78011$3.35M12$204,72512
Diluted shares—69.8M2.1M3.9M

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
−$18.21
your share of equity
Profit it earned you last year
−$103.91
Free cash flow it threw off
−$11.79
Debt you’d be carrying
—

10 shares is a claim on −$18.21 of net worth that earned you −$103.91 and generated −$11.79 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-56% avg · 4y
FY22 11%FY23 -123%FY24 —FY25 —

It earned an average -56% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 4y

Share count is down 94% over 4 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
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 2023-12-31 · accession 0001213900-25-032301 (Revenues)
  2. 10-K · period ending 2025-12-31 · accession 0001213900-26-044126 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-23-020725 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-032301 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-044126 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-23-020725 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-032301 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-044126 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-12-31 · accession 0001213900-26-044126 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-25-032301 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-26-044126 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-044126 (CashAndCashEquivalentsAtCarryingValue)