MeritValue

T1 Energy Inc.

TEdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

T1 Energy Inc. earns about -17% on invested capital, but has diluted owners by 130% 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——$01$2.94M2$755.3M2
Net income−$93.4M3−$98.8M3−$71.9M3−$450.6M4−$367.8M4
Operating cash flow−$63.1M5−$90M5−$87.9M6−$102.8M7$95.5M7
Capital expenditure$13.8M8$180.8M8$187.8M9$50.8M10$78.8M10
Free cash flow (derived)−$76.9M5−$270.8M5−$275.8M6−$153.6M7$16.7M7
Total debt——$011$1.2B12$780.3M12
Cash & equivalents$564M13$443.1M13$253.3M14$72.6M15$182.5M15
Diluted shares75.4M118.5M139.7M140.5M173.6M

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
$14.42
your share of equity
Profit it earned you last year
−$21.18
Free cash flow it threw off
$0.96
Debt you’d be carrying
$44.94

10 shares is a claim on $14.42 of net worth that earned you −$21.18 and generated $0.96 of cash last year, against $44.94 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 —FY22 -29%FY23 -4%FY24 -5%FY25 -32%

It earned an average -17% 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
+130% shares · 5y

Share count is up 130% 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
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 2023-12-31 · accession 0001992243-25-000010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001992243-24-000066 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (ProfitLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001992243-24-000066 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001992243-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001992243-24-000066 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001992243-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001992243-25-000010 (LongTermDebtCurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001992243-24-000066 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001992243-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001992243-26-000007 (CashAndCashEquivalentsAtCarryingValue)