MeritValue

WESTWATER RESOURCES, INC.

WWRdata completeness 75%17 fiscal years on file
The thesis, from the filings

WESTWATER RESOURCES, INC. earns about -32% on invested capital, but has diluted owners by 163% 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—————
Net income−$16.1M1−$11.1M2−$7.75M3−$12.7M4−$27.3M4
Operating cash flow−$16.9M5−$13.2M6−$11.4M7−$5.81M8−$9.9M8
Capital expenditure$3.35M9$52.8M10$58.3M11$6.15M12$11.7M12
Free cash flow (derived)−$20.3M5−$66M6−$69.7M7−$12M8−$21.6M8
Total debt—————
Cash & equivalents$115.3M13$75.2M14$10.9M15$4.27M16$48.6M16
Diluted shares32.7M44.9M52.0M58.5M86.0M

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
$21.1
your share of equity
Profit it earned you last year
−$3.18
Free cash flow it threw off
−$2.51
Debt you’d be carrying
—

10 shares is a claim on $21.1 of net worth that earned you −$3.18 and generated −$2.51 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-32% avg · 5y
FY21 -117%FY22 -13%FY23 -5%FY24 -8%FY25 -16%

It earned an average -32% 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
+163% shares · 5y

Share count is up 163% 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
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-002937 (ProfitLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003570 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003382 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-032111 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-002937 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003570 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003382 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-032111 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-002937 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003570 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003382 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-032111 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002937 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003570 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003382 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-032111 (CashAndCashEquivalentsAtCarryingValue)