MeritValue

WASTE ENERGY CORP.

WASTdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

WASTE ENERGY CORP. earns about -592% on equity, but has diluted owners by 135% 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$472,4351$1.84M2$415,0822—$424,1673
Net income−$22.7M4−$6.21M5−$5.65M6−$2.88M7−$1.08M7
Operating cash flow−$4.76M8−$1.22M9−$1.02M9−$402,56310−$390,10710
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$567,03011$34,94112$3,07613$68214$68,24414
Diluted shares61.1M77.5M99.0M120.7M143.3M

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
−$0.25
your share of equity
Profit it earned you last year
−$0.08
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.25 of net worth that earned you −$0.08 last year.

iii. Is this a good business?
Moat signal · return on equity
-592% avg · 5y
FY21 -505%FY22 -680%FY23 —FY24 —FY25 —

It earned an average -592% 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
+135% shares · 5y

Share count is up 135% over 5 years — owners have been diluted. Worth asking what they got for it.

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
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
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 0001493152-23-008326 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-050075 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-033196 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-008326 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-050075 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-009550 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-033196 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-008326 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-050075 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-033196 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-008326 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-050075 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-009550 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-033196 (CashAndCashEquivalentsAtCarryingValue)