MeritValue

Wallbox N.V.

WBXdata completeness 100%6 fiscal years on file
The thesis, from the filings

Wallbox N.V. earns about -242% on invested capital, but has diluted owners by 66368% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue€19.7M1€71.6M2€144.2M3€143.8M3€163.9M3
Net income−€11.4M4−€223.8M5−€62.8M6−€112.1M6−€151.8M6
Operating cash flow−€11.6M7−€69.6M8−€136.3M9−€64.1M9−€51.5M9
Capital expenditure€4.14M10€10.7M11€37.8M12€12.2M12€8.24M12
Free cash flow (derived)−€15.8M7−€80.3M8−€174.1M9−€76.3M9−€59.8M9
Total debt€22.9M13€55,15814€144.8M15€229.2M16€214.3M16
Cash & equivalents€22.3M17€113.9M18€83.3M18€101.2M18€20M18
Diluted shares392,118161.4M172.2M211.2M260.6M

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
€2.49
your share of equity
Profit it earned you last year
−€5.82
Free cash flow it threw off
−€2.29
Debt you’d be carrying
€8.22

10 shares is a claim on €2.49 of net worth that earned you −€5.82 and generated −€2.29 of cash last year, against €8.22 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-242% avg · 5y
FY20 -76%FY21 -1032%FY22 -23%FY23 -32%FY24 -48%

It earned an average -242% 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
+66368% shares · 5y

Share count is up 66368% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 836% over the same window.

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. 20-F · period ending 2020-12-31 · accession 0001193125-23-086130 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0000950170-24-034441 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0000950170-25-064203 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001193125-23-086130 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0000950170-24-034441 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0000950170-25-064203 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001193125-23-086130 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0000950170-24-034441 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0000950170-25-064203 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001193125-23-086130 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0000950170-24-034441 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0000950170-25-064203 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001193125-22-134781 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001193125-23-086130 (Borrowings)
  15. 20-F · period ending 2022-12-31 · accession 0000950170-24-034441 (Borrowings)
  16. 20-F · period ending 2023-12-31 · accession 0000950170-25-064203 (Borrowings)
  17. 20-F · period ending 2020-12-31 · accession 0000950170-24-034441 (CashAndCashEquivalents)
  18. 20-F · period ending 2021-12-31 · accession 0000950170-25-064203 (CashAndCashEquivalents)