MeritValue

Twin Vee PowerCats, Co.

VEEEdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Twin Vee PowerCats, Co. earns about -35% on equity, and has bought back 63% 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$15.8M1$32M2$33.4M3$14.4M4$14.8M4
Net income−$1.01M5−$5.14M6−$7.19M7−$11M8−$8.61M8
Operating cash flow−$1.95M9−$4.15M10−$6.93M11−$6.97M12−$6.88M12
Capital expenditure$1.94M13$3.37M14$5.16M15$6.34M16$2.16M16
Free cash flow (derived)−$3.89M9−$7.51M10−$12.1M11−$13.3M12−$9.04M12
Total debt$499,90017$499,90018$499,90019$499,90020$499,90021
Cash & equivalents$6.98M22$23.5M23$16.5M24$7.49M25$1.43M25
Diluted shares5.3M7.6M9.5M1.0M2.0M

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
$68.43
your share of equity
Profit it earned you last year
−$43.73
Free cash flow it threw off
−$45.91
Debt you’d be carrying
$2.54

10 shares is a claim on $68.43 of net worth that earned you −$43.73 and generated −$45.91 of cash last year, against $2.54 of debt.

iii. Is this a good business?
Moat signal · return on equity
-35% avg · 5y
FY21 -6%FY22 -18%FY23 -31%FY24 -57%FY25 -64%

It earned an average -35% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−63% shares · 5y

Share count is down 63% 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 0001731122-23-000505 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001731122-24-000500 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001731122-25-000412 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001731122-26-000317 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001731122-23-000505 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001731122-24-000500 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001731122-25-000412 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001731122-26-000317 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001731122-23-000505 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001731122-24-000500 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001731122-25-000412 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001731122-26-000317 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001731122-23-000505 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001731122-24-000500 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001731122-25-000412 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001731122-26-000317 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001731122-22-000636 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001731122-23-000505 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001731122-24-000500 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001731122-25-000412 (LongTermDebt)
  21. 10-K · period ending 2025-12-31 · accession 0001731122-26-000317 (LongTermDebt)
  22. 10-K · period ending 2021-12-31 · accession 0001731122-23-000505 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-12-31 · accession 0001731122-24-000500 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-12-31 · accession 0001731122-25-000412 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K · period ending 2024-12-31 · accession 0001731122-26-000317 (CashAndCashEquivalentsAtCarryingValue)