Value Investor
Start free

Factorial Energy

FAC on Nasdaq. Factorial Energy sells shares to investors to raise money for buying another company. Market value $278m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.

$5.46 a share, 29% above its 1-year low

Over the past year the price has ranged from $4.24 to $25.33.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
n/a
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
n/a

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $11 million, compared with a loss of $11 million a year ago.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
March 2025-$13m
June 2025-$11m
September 2025$3m
December 2025$2m
March 2026-$9m
June 2026-$11m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
23 March 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

None of the long-term investors we follow own it. 22 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • Huang Siyu
    Insider or founder
    at least 19.1%
    (filed with 1 related holder)
    Since 5 June 2026
    What they said

    The information set forth in Items 3 and 6 of this Schedule 13D is hereby incorporated by reference into this Item 4. The Reporting Persons each intend to review each of their respective investments in the Issuer on a continuing basis. Any actions the Reporting Persons might…

    Read the filing
  • Mark Robinson
    Passive investor
    at least 10.7%
    (filed with 7 related holders)
    Since 5 June 2026
    What they said

    The Reporting Persons acquired the Class A Common Stock reported herein as a result of the Business Combination and hold such securities for investment purposes. The shares held by the Funds are being registered for resale by the Issuer on a Registration Statement on Form S-1.…

    Read the filing
  • Stellantis N.V.
    at least 9.5%
    (filed with 2 related holders)
    Since 5 June 2026
    What they said

    The Reporting Persons acquired the securities disclosed herein based on the belief that the securities, when acquired, represented an attractive investment opportunity. In connection with the completion of the Business Combination, Jon Nelson, Chief Executive of Stellantis…

    Read the filing
  • CGC III Sponsor LLC
    Passive investor
    at least 9.2%−10.8 pts
    (filed with 2 related holders)
    Since 10 August 2026
  • Mercedes-Benz Corporate Investments LLC
    8.1%
    Since 5 June 2026
    What they said

    The disclosure in Item 3 of this Schedule 13D is incorporated by reference into this Item 4. MBCI holds its securities of the Issuer for investment purposes. In connection with the completion of the Business Combination, Uwe Keller, Director of Battery Development at…

    Read the filing
  • at least 8.1%
    (filed with 2 related holders)
    Since 30 June 2026
  • at least 4.9%−0.7 pts
    (filed with 1 related holder)
    Since 30 June 2025
  • at least 3.8%−1.5 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • Sold down below 5%
    Since 31 March 2026
  • Barclays PLC
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026
  • Meteora Capital, LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $15m of shares on the open market.

  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    21 May 2026
    Shares
    6,089
    Price
    $10.38
    Value
    $63,204
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    16 April 2026
    Shares
    100,000
    Price
    $10.33
    Value
    $1m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    15 April 2026
    Shares
    100,000
    Price
    $10.32
    Value
    $1m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    8 April 2026
    Shares
    100,000
    Price
    $10.30
    Value
    $1m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    7 April 2026
    Shares
    100,000
    Price
    $10.31
    Value
    $1m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    6 April 2026
    Shares
    100,000
    Price
    $10.31
    Value
    $1m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    1 April 2026
    Shares
    671,000
    Price
    $10.30
    Value
    $7m
  • Yu Peter
    Chairman and CEO, Director
    Bought
    Date
    31 March 2026
    Shares
    300,000
    Price
    $10.28
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Factorial Energy’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 9 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the material weakness in our internal control over financial reporting described below.”
    Show the full paragraph
    Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report. Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the material weakness in our internal control over financial reporting described below.

    From the 10-Q filed 11 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.