MeritValue

SUNation Energy, Inc.

SUNEdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SUNation Energy, Inc. earns about -60% on invested capital, and has bought back 19% 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$38,1621$27.5M2$79.6M3$56.9M4$71.9M4
Net income−$6.24M5−$10.4M6−$8.13M7−$15.8M7−$10.9M7
Operating cash flow−$811,0178−$7.58M9−$667,17710−$6.3M11$954,97811
Capital expenditure$35,00012$116,90913$655,69114$32,78515$48,59415
Free cash flow (derived)−$846,0178−$7.69M9−$1.32M10−$6.34M11$906,38411
Total debt————$6.64M16
Cash & equivalents$18,96617$2.19M18$3.58M19$839,26820$7.18M20
Diluted shares3.1M6.7M13,2982,7142.5M

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
$97.8
your share of equity
Profit it earned you last year
−$43.76
Free cash flow it threw off
$3.64
Debt you’d be carrying
$26.69

10 shares is a claim on $97.8 of net worth that earned you −$43.76 and generated $3.64 of cash last year, against $26.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-60% avg · 5y
FY21 —FY22 -10%FY23 -32%FY24 -162%FY25 -36%

It earned an average -60% 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
−19% shares · 5y

Share count is down 19% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0000022701-23-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000022701-24-000002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000022701-25-000002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000022701-26-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000022701-23-000008 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-037633 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000022701-26-000003 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000022701-23-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000022701-24-000002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000022701-25-000002 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0000022701-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000022701-22-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000022701-24-000002 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2023-12-31 · accession 0000022701-25-000002 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2024-12-31 · accession 0000022701-26-000003 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2025-12-31 · accession 0000022701-26-000003 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000022701-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000022701-24-000002 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000022701-25-000002 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000022701-26-000003 (CashAndCashEquivalentsAtCarryingValue)