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ValueScreener company report

NET Power Inc. (NPWR)

NYSE / Industrials / Industrial - Machinery

Share price

1.10 USD Market dataClose of Oct 15, 2026

Market capitalisation

97.3M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 9, 2026
Ratios computed
Oct 15, 2026
Filed years
4, FY2021 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

n/a Computed

From the FY2025 filing

Why n/a

No shareholders equity line is filed for this year.

Read quality

Valuation

Price to earnings

n/m Computed

FY2025 accounts, priced at the latest close

Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

Read valuation

Cash generation

Free cash flow yield

-177.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2020 Revenue: 45.0K USDFY2020 Net income: -36.4M USDFY2021 Net income: -9.8M USDFY2022 Revenue: 580.0K USDFY2022 Net income: -54.8M USDFY2024 Revenue: 250.0K USDFY2024 Net income: -49.2M USDFY2025 Revenue: 0.00 USDFY2025 Net income: -578.6M USD
Revenue Net income5 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Free cash flow yield is -177.6% at the close of 2026-10-15 on FY2025 figures; the lines are 2.0%, 5.0% and 8.0%, set by convention, and this sits below the lowest.

Today, against the Industrial - Machinery industry (72 companies), -177.6% sits at the 4th percentile; the middle half of that group runs from 0.4% to 4.7%.

Is it safe

Current ratio was 7.24 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Industrial - Machinery industry (75 companies), 7.24 sits at the 92nd percentile; the middle half of that group runs from 1.52 to 2.81.

The direction
Which way NET Power Inc.'s current ratio has moved, and how steadily. (FY2020 to FY2025, 5 filed years of NET Power Inc.)
What could explain it
What in NET Power Inc.'s filed statements could explain the movements. (2 readings drawn from the statement lines NET Power Inc. filed)
What to check next
What to check next on NET Power Inc., and where in its filings. (2 questions for NET Power Inc.)
In one paragraph
One paragraph on NET Power Inc.'s returns, cash, balance sheet and price. (3 of sixteen figures read for NET Power Inc.)

These are NPWR’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NPWRPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 9, 2026, accession 0001845437-26-000009.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

NET Power Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Return on equity
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Return on capital employed, pre-tax-324.4% ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Return on assets-96.5% ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Gross margin
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Operating margin
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Net margin
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

NET Power Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Current ratio7.24 ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Quick ratio7.24 ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Altman Z-score
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Total assets 599.7MTotal liabilities 64.5MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What NET Power Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 9, 2026, 0001845437-26-000009).

NET Power Inc: balance sheet position
Total assets599.7M FiledFY2025 10-K, filed Mar 9, 2026
Total liabilities64.5M FiledFY2025 10-K, filed Mar 9, 2026
Shareholders' equityn/a FiledFY2025 10-K, filed Mar 9, 2026
Cash337.9M FiledFY2025 10-K, filed Mar 9, 2026
Total debtn/a FiledFY2025 10-K, filed Mar 9, 2026
Net debtn/a
Current ratio7.24
Debt to equityn/a
  • Shareholders' equity: The 2025 balance sheet files equity only as one total for the parent's shareholders and the minority holders together (204m). The parent's share is not filed on its own, so equity, debt against equity and return on equity are left blank rather than divided by money that belongs to other owners.
  • Debt to equity: FY2025: No shareholders equity line is filed for this year.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

NET Power Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
P/E on trailing twelve months
Why n/a

Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Price to sales
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Diluted earnings per share-7.34 USD FiledFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009

We publish no fair value or price target of our own. Value NPWR on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for NET Power Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

NET Power Inc: valuation
Share price1.10 USD
Market capitalisation97.3M USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per share, FY2025-7.34 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like NET Power Inc

  1. Hurco Companies, Inc. (HURC)Market cap 134.7M USD
  2. Taylor Devices, Inc. (TAYD)Market cap 174.7M USD
  3. Broadwind, Inc. (BWEN)Market cap 84.2M USD
  4. Omega Flex, Inc. (OFLX)Market cap 258.3M USD
  5. HUHUTECH International Group Inc. Ordinary Shares (HUHU)Market cap 60.3M USD

Same industry (Industrial - Machinery) and size band (Micro, 50M to 300M), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

NET Power Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-177.6% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Free cash flow-154.0M USD ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Free cash flow margin
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
FY2020 Free cash flow: -25.2M USDFY2020 Net income: -36.4M USDFY2021 Net income: -9.8M USDFY2022 Free cash flow: -16.7M USDFY2022 Net income: -54.8M USDFY2024 Free cash flow: -100.3M USDFY2024 Net income: -49.2M USDFY2025 Free cash flow: -154.0M USDFY2025 Net income: -578.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

NET Power Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 15, 2026
n/a The filed balance sheet reports no shareholders equity.
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-177.6%FY2025Oct 15, 2026
n/aFY2025Mar 9, 2026
n/a No shareholders equity line is filed for this year.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2025Mar 9, 2026
n/a No shareholders equity line is filed for this year.
7.24FY2025Mar 9, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Mar 9, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Mar 9, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2021 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

5 fiscal years, FY2020 to FY2025. 4 read from the annual reports NET Power Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

NET Power Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20250.00-1.79B-578.6M-7.34-154.0Mn/mn/a10-K, Mar 9, 20260001845437-26-000009
FY2024250.0K-181.3M-49.2M-0.67-100.3M-72528.4%n/a10-K, Mar 10, 20250001845437-25-000008
FY2022580.0K-50.0M-54.8M-14.79-16.7M-8625.0%n/m10-K, Mar 2, 20230001213900-23-016333
FY2021n/a-697.1K-9.8Mn/an/an/an/m10-K, Mar 30, 20220001213900-22-016130
FY202045.0K-36.4M-36.4M-10.49-25.2M-80882.2%-36.9%Market data, supplied Oct 15, 2026accession n/a
  • Revenue: Revenue was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings: Earnings was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

NET Power Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Piotroski F-score
Why n/m

This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.

n/m ComputedFY2025 10-K, filed Mar 9, 2026, 0001845437-26-000009
Named tests met1 of 30 Computed
Beta1.95 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 11 not met, 18 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Two thirds of NCAV (Benjamin Graham)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; High yield, low payout; Dividends and buybacks; Low beta, profitable; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC
Not measured
Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(24)
  • Debt to Equity: No shareholders equity line is filed for this year.
  • P/B Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Piotroski F-Score: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No shareholders equity line is filed for this year.
  • Altman Z-Score: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • Beneish M-Score: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Return on Equity: No shareholders equity line is filed for this year.
  • Rev Growth 5Y: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • Gross Margin: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • Asset Turnover: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • P/S Ratio: This company reported no revenue for the period, so every ratio measured against revenue is undefined. It is not a zero margin, it is the absence of a denominator. Cash runway is the measure that applies.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 24 figures could not be read on this company, among them Debt to Equity, P/B Ratio, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 18 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.