MeritValue

Stellantis N.V.

STLAdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Stellantis N.V. earns about 14% on invested capital, and has bought back 8% of its shares over 5 years. The applicable estimate puts fair value near €50.81 a share.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€149.4B1€179.6B2€189.5B3€156.9B3€153.5B3
Net income€14.2B4€16.8B5€18.6B6€5.52B6−€22.3B6
Operating cash flow€18.6B7€20B8€18B9€1.54B9−€4.65B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt€33.6B10€27.2B11€29.5B12€37.2B12€45.9B12
Cash & equivalents€49.6B13€46.4B14€43.7B15€34.1B16€30.1B16
Diluted shares3.13B3.13B3.02B2.88B2.90B

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
€184.82
your share of equity
Profit it earned you last year
−€77.07
Free cash flow it threw off
—
Debt you’d be carrying
€158.58

10 shares is a claim on €184.82 of net worth that earned you −€77.07 last year, against €158.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 34%FY22 32%FY23 28%FY24 5%FY25 -30%

It earned an average 14% 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
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 37% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
€50.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings€14.2B
  • growthAssumed0.0%
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. 20-F · period ending 2021-12-31 · accession 0001605484-24-000022 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001605484-25-000013 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001605484-26-000021 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001605484-24-000022 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001605484-25-000013 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001605484-26-000021 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001605484-24-000022 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001605484-25-000013 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001605484-26-000021 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001605484-24-000022 (Borrowings)
  11. 20-F · period ending 2022-12-31 · accession 0001605484-25-000013 (Borrowings)
  12. 20-F · period ending 2023-12-31 · accession 0001605484-26-000021 (Borrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001605484-23-000020 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001605484-24-000022 (CashAndCashEquivalents)
  15. 20-F · period ending 2023-12-31 · accession 0001605484-25-000013 (CashAndCashEquivalents)
  16. 20-F · period ending 2024-12-31 · accession 0001605484-26-000021 (CashAndCashEquivalents)