MeritValue

Via Renewables, Inc.

VIASPdata completeness 100%14 fiscal years on file
The thesis, from the filings

Via Renewables, Inc. earns about 14% on invested capital, but has diluted owners by 23% 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$397.7M1$462.8M1$435.2M2$398.9M2$463.5M2
Net income$3.73M3$7.58M4$15M5$28.3M5$19.2M5
Operating cash flow$12.7M6$16.2M7$49.3M8$50.5M8$42.1M8
Capital expenditure$2.71M9$2.15M10$1.44M11$1.58M11$2.97M11
Free cash flow (derived)$9.99M6$14.1M7$47.9M8$48.9M8$39.1M8
Total debt$270M12$240M13$194M14$212M15$240M15
Cash & equivalents$68.9M16$33.7M17$42.6M18$53.2M19$41.8M19
Diluted shares3.0M3.2M3.2M3.3M3.7M

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
$181.55
your share of equity
Profit it earned you last year
$51.37
Free cash flow it threw off
$104.97
Debt you’d be carrying
$643.78

10 shares is a claim on $181.55 of net worth that earned you $51.37 and generated $104.97 of cash last year, against $643.78 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 1%FY22 6%FY23 16%FY24 30%FY25 16%

It earned an average 14% 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
+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 11% — 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 —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001606268-23-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001606268-26-000013 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001606268-24-000008 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001606268-25-000006 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001606268-26-000013 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001606268-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001606268-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001606268-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001606268-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001606268-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001606268-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001606268-23-000009 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001606268-24-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001606268-25-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001606268-26-000013 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001606268-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001606268-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001606268-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001606268-26-000013 (CashAndCashEquivalentsAtCarryingValue)