T1 Energy Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 2✗ 33▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)0/6 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/6 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-85.6%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-353.3M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-119.2%

  ✗Lynch> 15%

  EBIT / Enterprise Value-15.3%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-15.3%, ROC=-30.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-26.81%

  ✗PiotroskiROA > 0

  ROA Change YoY-33.73% -> -26.81% (delta: +6.92%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=6.96%, ROA=-26.81%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY41.7% -> 7.4%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-23.0%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-119.2%

  ✗Dreman> 12%

  Margin of SafetyP/B=2.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-132.3% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-19.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-119.2%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trend

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-51.14%; #5066/6340 (top 79.9%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+3.95%; #3159/3702 (top 85.3%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-119.16%; #4673/5226 (top 89.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1003; #3487/5884 (top 59.3%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/5 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-15.3%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-15.3%, ROC=-30.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)5.3x

  ✓Dreman< 8x

  Price / Book Value per Share2.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-69.5%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=2.9%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=2.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share30.5x

  ✗Ackman<= 25

  Price vs. Trailing Low175% of trailing low ($1.09)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-51.14%; #5066/6340 (top 79.9%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4292; #3146/6449 (top 48.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share40.88x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.7120; #1212/5247 (top 23.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+2.90%; #2062/4519 (top 45.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-81.91%; #5857/6202 (top 94.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -57.7% vs Rev: 25572.8%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth25572.8%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trend

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts0% pass✗ 15▾

  Split decision: 14 FAIL · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2339•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (1/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (0/5)✗AckmanFAIL (1/9)✗TempletonFAIL (1/8)✗SleepFAIL (0/6)✗AsnessFAIL (Rank #2256/2370 (Top 95.2%))✗NeffFAIL (1/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag TE's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $651.8M vs NCA $106.3M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.56, IC: -13.1x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity2.85

  ✗Lynch< 0.33

  Cash - Long-term Debt$-592.3M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change38.02% -> 25.06%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.14

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity2.85

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels2.85

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-13.1x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity2.85

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-2.8546; #3912/4210 (top 92.9%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag TE's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.14

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-20.9%

  ✗Buffett> 10%

  ROIC - WACC-30.9%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-30.0%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.39 -> 1.43

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.00x -> 0.55x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.14

  ✗Dreman> 1.5

  Return on Invested Capital-15.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-8.2%; FY2024: ROIC=-7.9%; FY2025: ROIC=-28.9%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/3 years above 12% (latest -28.9%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag TE's cash flow — Buffett, Pabrai, Marks +3 more

  Free Cash Flow Proxy$-353.3M

  ✗BuffettPositive and growing

  FCF Positive and Growing$16.7M

  ✓LynchPositive and growing

  Operating Cash Flow$95.5M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=6.96%, ROA=-26.81%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)5.3x

  ✓Dreman< 8x

  P/E or FCF YieldFCF Yield=2.9%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive1/5 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap3.3%

  ✗Ackman>= 4%

  Price / FCF per Share30.5x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency1/5 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$16.7M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+2.90%; #2062/4519 (top 45.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models50% pass✓ 1✗ 1▾

  Models split on TE at $1.91 — fair values range $1.14–$2.24

  Munger fair value$1.14

  ✗Munger-67.5% margin vs $1.91

  Ackman fair value$2.24

  ✓Ackman+14.7% margin vs $1.91