NET Power Inc. Class A Common Stock (NPWR)

FairStock Score: 68/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable earnings, honest accounting, and a margin of safety. NET Power does not fit that mold today. It is a 54-employee energy technology company founded in 2010, but the filed figures show little commercial traction: revenue was $250,000 in fiscal 2024 and $580,000 in fiscal 2022, while fiscal 2025, the year ended 2025-12-31, reported revenue as N/A and a net loss of $578.6 million, or -$7.34 per diluted share. In fiscal Q2 2026, the quarter ended 2026-06-30, it lost $80.3 million, or -$0.91 per diluted share. In fiscal Q3 2025, the quarter ended 2025-09-30, it lost $411.5 million, or -$5.28 per diluted share. Trailing free cash flow was -$167.3 million, and the FCF yield calculated by FairStock is -159.1% against a $105.2 million market cap at the 2026-10-13 close of $1.19. That is a lot of cash burn relative to the equity value. The balance sheet has low debt—D/E of 0.01—but Piotroski is 0/9 and Altman Z is 0.27, which signal financial weakness. P/B is 1.27, but book value is being eroded by losses. ROE is -141.98% and ROCE is -10.65%. The Lynch category is none because it lost money in each of the last three years. There may be a valuable technology here, but I cannot see a moat or predictable growth. Without revenue or profits, valuation rests on faith, not figures.

In plain English: NET Power is an energy technology company trying to make natural-gas power plants that capture their emissions. The business today looks very weak: it has almost no revenue and is losing large amounts of money. At $1.19, the stock has fallen near its 52-week low, but with heavy losses and cash burn, it does not look clearly cheap based on its current numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer