MeritValue

Tennessee Valley Authority

TVEdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.5B1$12.5B1$12.1B1$12.3B2$13.7B2
Net income$1.51B3$1.11B4$500M5$1.14B5$1.36B5
Operating cash flow$3.26B6$2.95B7$2.87B8$3B8$3.32B8
Capital expenditure$1.96B9$2.36B10$2.53B11$3.28B11$4.46B11
Free cash flow (derived)$1.29B6$587M7$346M8−$278M8−$1.13B8
Total debt$38.9B12$38.1B13$39.3B14$39B15$44.2B15
Cash & equivalents$499M16$500M17$501M18$502M19$1.58B19
Diluted shares00000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

0
iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 13% 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
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
no diluted share count
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 2021-09-30 · accession 0001376986-23-000022 (Revenues)
  2. 10-K · period ending 2024-09-30 · accession 0001376986-25-000056 (RegulatedAndUnregulatedOperatingRevenue)
  3. 10-K · period ending 2021-09-30 · accession 0001376986-23-000022 (NetIncomeLoss)
  4. 10-K · period ending 2022-09-30 · accession 0001376986-24-000029 (NetIncomeLoss)
  5. 10-K · period ending 2023-09-30 · accession 0001376986-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2021-09-30 · accession 0001376986-23-000022 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-09-30 · accession 0001376986-24-000029 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001376986-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-09-30 · accession 0001376986-23-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-09-30 · accession 0001376986-24-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001376986-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-09-30 · accession 0001376986-22-000023 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-09-30 · accession 0001376986-23-000022 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-09-30 · accession 0001376986-24-000029 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-09-30 · accession 0001376986-25-000056 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-09-30 · accession 0001376986-22-000023 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-09-30 · accession 0001376986-23-000022 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-09-30 · accession 0001376986-24-000029 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-09-30 · accession 0001376986-25-000056 (CashAndCashEquivalentsAtCarryingValue)