MeritValue

Xos, Inc.

XOSdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Xos, Inc. earns about -119% on invested capital, and has bought back 91% 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$5.05M1$36.4M2$44.5M3$56M4$46M4
Net income$23.4M5−$73.3M6−$75.8M7−$50.2M8−$25.3M8
Operating cash flow−$88.9M9−$128M10−$39.3M11−$48.8M12$5.37M12
Capital expenditure$4.92M13$14.1M14$1.39M15$304,00016$016
Free cash flow (derived)−$93.8M9−$142.1M10−$40.7M11−$49.1M12$5.37M12
Total debt$017$2.07M18$1M19$1.28M20$958,00020
Cash & equivalents$16.1M21$35.6M22$11.6M23$11M24$14M24
Diluted shares107.8M5.8M5.8M7.5M9.4M

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
$24.88
your share of equity
Profit it earned you last year
−$27.05
Free cash flow it threw off
$5.73
Debt you’d be carrying
$1.02

10 shares is a claim on $24.88 of net worth that earned you −$27.05 and generated $5.73 of cash last year, against $1.02 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-119% avg · 5y
FY21 15%FY22 -74%FY23 -173%FY24 -166%FY25 -196%

It earned an average -119% 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
−91% shares · 5y

Share count is down 91% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001819493-23-000066 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (Revenues)
  4. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001819493-23-000066 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001819493-23-000066 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001819493-23-000066 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001819493-23-000066 (ShortTermBorrowings)
  18. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (ShortTermBorrowings)
  19. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (ShortTermBorrowings)
  20. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (ShortTermBorrowings)
  21. 10-K · period ending 2021-12-31 · accession 0001819493-23-000066 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001819493-24-000050 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001819493-25-000043 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K/A · period ending 2024-12-31 · accession 0001819493-26-000012 (CashAndCashEquivalentsAtCarryingValue)