SolarWindow Technologies, Inc.

WNDWdata completeness 75%27 fiscal years on file

The thesis, from the filings

SolarWindow Technologies, Inc. earns about -111% on invested capital, but has diluted owners by 5% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$0¹	$0¹	—
Net income	−$7.91M²	−$4.95M³	−$2.4M⁴	−$3.46M⁵	−$2.26M⁵
Operating cash flow	−$2.66M⁶	−$3.64M⁷	−$2.08M⁸	−$1.74M⁹	−$1.5M⁹
Capital expenditure	$76,338¹⁰	$356,966¹¹	$0¹²	$1,949¹³	$37,687¹³
Free cash flow (derived)	−$2.74M⁶	−$4M⁷	−$2.08M⁸	−$1.74M⁹	−$1.54M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$7.13M¹⁴	$8.08M¹⁵	$492,610¹⁵	$1.25M¹⁶	$6.56M¹⁶
Diluted shares	53.1M	53.2M	53.2M	53.2M	55.8M

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

Net assets behind them

$1.16

your share of equity

Profit it earned you last year

−$0.4

Free cash flow it threw off

−$0.28

Debt you’d be carrying

—

10 shares is a claim on $1.16 of net worth that earned you −$0.4 and generated −$0.28 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-111% avg · 5y

FY21 -97%FY22 -259%FY23 -24%FY24 -65%FY25 —

It earned an average -111% 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

+5% shares · 5y

Share count is up 5% 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

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

10-K · period ending 2023-08-31 · accession 0001171843-24-006491 (Revenues)
10-K · period ending 2021-08-31 · accession 0001171843-23-005488 (NetIncomeLoss)
10-K · period ending 2022-08-31 · accession 0001171843-23-007232 (NetIncomeLoss)
10-K · period ending 2023-08-31 · accession 0001171843-24-006491 (NetIncomeLoss)
10-K · period ending 2024-08-31 · accession 0001171843-25-007295 (NetIncomeLoss)
10-K · period ending 2021-08-31 · accession 0001171843-23-005488 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-08-31 · accession 0001171843-23-007232 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-08-31 · accession 0001171843-24-006491 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-08-31 · accession 0001171843-25-007295 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-08-31 · accession 0001171843-23-005488 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-08-31 · accession 0001171843-23-007232 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-08-31 · accession 0001171843-24-006491 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-08-31 · accession 0001171843-25-007295 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-08-31 · accession 0001171843-23-005488 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-08-31 · accession 0001171843-23-007232 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-08-31 · accession 0001171843-25-007295 (CashAndCashEquivalentsAtCarryingValue)