MeritValue

Energous Corp

WATTdata completeness 100%13 fiscal years on file
The thesis, from the filings

Energous Corp earns about -110% on equity, and has bought back 98% 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$756,7931$851,3212$474,0003$768,0004$5.63M4
Net income−$41.4M5−$26.3M6−$19.4M7−$18.4M8−$9.59M8
Operating cash flow−$28.7M9−$23.6M10−$19.2M11−$17.6M12−$12.4M12
Capital expenditure$365,73513$164,99414$187,00015$123,00016$82,00016
Free cash flow (derived)−$29.1M9−$23.8M10−$19.4M11−$17.7M12−$12.5M12
Total debt———$818,00017$88,00017
Cash & equivalents$49.1M18$26.3M19$13.9M20$1.35M21$10.4M21
Diluted shares64.9M3.9M4.7M238,4531.5M

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
$84.16
your share of equity
Profit it earned you last year
−$64.59
Free cash flow it threw off
−$84.18
Debt you’d be carrying
$0.59

10 shares is a claim on $84.16 of net worth that earned you −$64.59 and generated −$84.18 of cash last year, against $0.59 of debt.

iii. Is this a good business?
Moat signal · return on equity
-110% avg · 5y
FY21 -88%FY22 -107%FY23 -168%FY24 —FY25 -77%

It earned an average -110% 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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 89% — 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 2021-12-31 · accession 0001564590-23-004785 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038168 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000218 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001564590-23-004785 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038168 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000218 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001564590-23-004785 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038168 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000218 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-004785 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038168 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000218 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0001564590-23-004785 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-038168 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001410578-25-000218 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-035214 (CashAndCashEquivalentsAtCarryingValue)