MeritValue

WESTPORT FUEL SYSTEMS INC.

WPRTdata completeness 88%15 fiscal years on file
The thesis, from the filings

WESTPORT FUEL SYSTEMS INC. earns about -20% on invested capital, and has bought back 89% 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$312.4M1$305.7M2$68.2M3$40.7M3$23.3M3
Net income$13.7M4−$32.7M5−$49.7M6−$21.8M6−$61.6M6
Operating cash flow−$43.8M7−$34.6M8−$13.2M9$7.18M9−$14.2M10
Capital expenditure$14.2M11$14.2M12$6.48M13$3.81M13$2.69M13
Free cash flow (derived)−$58M7−$48.9M8−$19.7M9$3.37M9−$16.9M10
Total debt$13.7M14$9.1M15$44.4M16$017—
Cash & equivalents$124.9M18$86.2M19$12.2M20$14.8M20$27.2M20
Diluted shares162.1M17.1M17.2M17.2M17.3M

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
$39.68
your share of equity
Profit it earned you last year
−$35.53
Free cash flow it threw off
−$9.77
Debt you’d be carrying
—

10 shares is a claim on $39.68 of net worth that earned you −$35.53 and generated −$9.77 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 5y
FY21 8%FY22 -17%FY23 -18%FY24 -19%FY25 -55%

It earned an average -20% 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
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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. 40-F · period ending 2021-12-31 · accession 0001370416-23-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 40-F · period ending 2022-12-31 · accession 0001370416-24-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001370416-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 40-F · period ending 2021-12-31 · accession 0001370416-23-000012 (NetIncomeLoss)
  5. 40-F · period ending 2022-12-31 · accession 0001370416-24-000004 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001370416-26-000005 (NetIncomeLoss)
  7. 40-F · period ending 2021-12-31 · accession 0001370416-23-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 40-F · period ending 2022-12-31 · accession 0001370416-24-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 40-F · period ending 2023-12-31 · accession 0001370416-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2025-12-31 · accession 0001370416-26-000005 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 40-F · period ending 2021-12-31 · accession 0001370416-23-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 40-F · period ending 2022-12-31 · accession 0001370416-24-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001370416-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 40-F · period ending 2021-12-31 · accession 0001370416-23-000012 (ShortTermBorrowings)
  15. 40-F · period ending 2022-12-31 · accession 0001370416-24-000004 (ShortTermBorrowings)
  16. 40-F · period ending 2023-12-31 · accession 0001370416-24-000004 (LongTermDebtCurrent)
  17. 40-F · period ending 2024-12-31 · accession 0001370416-25-000004 (ShortTermBorrowings)
  18. 40-F · period ending 2021-12-31 · accession 0001370416-24-000004 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 40-F · period ending 2022-12-31 · accession 0001370416-25-000004 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 20-F · period ending 2023-12-31 · accession 0001370416-26-000005 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)