MeritValue

TIGO ENERGY, INC.

TYGOdata completeness 100%6 fiscal years on file
The thesis, from the filings

TIGO ENERGY, INC. earns about -19% on invested capital, but has diluted owners by 1848% 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—$81.3B1$145.2B2$54B3$103.5B3
Net income−$402,5424−$7.04M5−$984,0006−$62.7M7−$1.88M7
Operating cash flow−$463,9818−$16.5M9−$37.2M10−$12.4M11$10.3M11
Capital expenditure—$1.15M12$2.11M13$1.29M14$642,00014
Free cash flow (derived)—−$17.6M9−$39.3M10−$13.6M11$9.66M11
Total debt—$20.6M15$81.6M16$90.5M17$017
Cash & equivalents$802,60618$36.2M19$4.41M20$11.7M21$7.67M21
Diluted shares3.3M4.9M43.2M60.3M65.0M

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
$4.25
your share of equity
Profit it earned you last year
−$0.29
Free cash flow it threw off
$1.49
Debt you’d be carrying
$0

10 shares is a claim on $4.25 of net worth that earned you −$0.29 and generated $1.49 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 —FY22 —FY23 4%FY24 -57%FY25 -5%

It earned an average -19% 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
+1848% shares · 5y

Share count is up 1848% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 2022-12-31 · accession 0000950170-24-034765 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-23-000564 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-034765 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000564 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-034765 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-034765 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-034765 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001410578-23-000564 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-034765 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-042645 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-115952 (CashAndCashEquivalentsAtCarryingValue)