MeritValue

Vulcan Infrastructure & Power Inc.

VIPdata completeness 88%6 fiscal years on file
The thesis, from the filings

Vulcan Infrastructure & Power Inc. earns about -234% on invested capital, and has bought back 58% 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$97.3M1$90M2$70.4M3$59.5M4$58.8M4
Net income−$44.5M5−$271.1M6−$29.5M7−$19.8M8$5.29M8
Operating cash flow$40.1M9−$14.5M10−$12.2M11−$12M12−$15M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$68.7M13$68.1M14$43.1M14
Cash & equivalents$82.6M15$15.2M15$13.3M16$8.62M17$19.6M17
Diluted shares36.6M4.2M6.7M10.5M15.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$30.19
your share of equity
Profit it earned you last year
$3.45
Free cash flow it threw off
—
Debt you’d be carrying
$28.1

10 shares is a claim on −$30.19 of net worth that earned you $3.45 last year, against $28.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-234% avg · 5y
FY21 19%FY22 —FY23 -295%FY24 -424%FY25 —

It earned an average -234% 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
−58% shares · 5y

Share count is down 58% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 37% — 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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001628280-23-010227 (Revenues)
  2. 10-K filed 2024-04-10 · period ending 2022-12-31 · accession 0001628280-24-015540 (Revenues)
  3. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001628280-25-015543 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001844971-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K filed 2022-03-31 · period ending 2021-12-31 · accession 0000950170-22-005214 (NetIncomeLoss)
  6. 10-K filed 2024-04-10 · period ending 2022-12-31 · accession 0001628280-24-015540 (NetIncomeLoss)
  7. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001628280-25-015543 (NetIncomeLoss)
  8. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001844971-26-000011 (NetIncomeLoss)
  9. 10-K filed 2022-03-31 · period ending 2021-12-31 · accession 0000950170-22-005214 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-04-10 · period ending 2022-12-31 · accession 0001628280-24-015540 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001628280-25-015543 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001844971-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001628280-25-015543 (LongTermDebt)
  14. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001844971-26-000011 (LongTermDebt)
  15. 10-K filed 2023-03-31 · periods ending 2021-12-31, 2022-12-31 · accession 0001628280-23-010227 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2026-03-31 · period ending 2023-12-31 · accession 0001844971-26-000011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001844971-26-000011 (CashAndCashEquivalentsAtCarryingValue)