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GGR, Gogoro Inc.

Automobiles capital-intensive UnprofitableDistress / turnaround

Revenue is led by Battery swapping service revenue (53%) and Hardware and Related Revenue (38%), with 2 more lines behind.

Latest annual: FY2025 20-F · US listing is the ordinary share

GGR · Gogoro Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$281M

−9.4% YoY · −5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $281M 5-yr avg $338M

Gross margin 8% 5-yr avg 11%

Operating margin −26.0% 5-yr avg −38.1%

ROIC −15% 5-yr avg −24%

Owner-earnings margin −10% 5-yr avg −25%

Free cash flow margin −10% 5-yr avg −25%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: An automaker, turning heavy plant and development spend into vehicles sold through the cycle.
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −25% through the cycle on a 15% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Capital spending runs about 35% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on volume, mix and the cost of the platform. On its own account, the filing leans hardest on debt terms & refinancing, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −15%, above 15% in 0 of 7 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 4 lines, the largest Battery swapping service revenue at 53%.

Revenue by product line, FY2025

Battery swapping service revenue53%$149M
Hardware And Related Revenue38%$108M
Leasing5%$13M
Other revenue4%$11M

By geographyTaiwan96%Others4%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
								Income statement
$439M	$364M	$366M	$383M	$350M	$311M	$281M	$281M	RevenueRevenue
21%	22%	17%	15%	15%	3%	8%	8%	Gross marginGross mgn
($11M)	($36M)	($57M)	($298M)	($88M)	($142M)	($73M)	($73M)	Operating incomeOp. inc.
−2.5%	−10.0%	−15.7%	−77.9%	−25.3%	−45.6%	−26.0%	−26.0%	Operating marginOp. mgn
($13M)	($49M)	($67M)	($99M)	($76M)	($123M)	($80M)	($80M)	Net incomeNet inc.
								Cash flow & returns
$25M	$756K	$81M	($65M)	$59M	$10M	$36M	$36M	Operating cash flowOp. cash
$57M	$79M	$95M	$95M	$98M	$97M	$91M	$91M	DepreciationDeprec.
($19M)	($29M)	$53M	($61M)	$37M	$36M	$25M	$25M	Working capital & otherWC & other
$176M	$144M	$128M	$123M	$118M	$124M	$65M	$65M	CapexCapex
40.1%	39.6%	34.9%	32.2%	33.7%	40.1%	23.1%	23.1%	Capex / revenueCapex/rev
($151M)	($144M)	($47M)	($188M)	($59M)	($115M)	($29M)	($29M)	Owner earningsOwner earn.
−34.4%	−39.4%	−12.8%	−49.1%	−16.8%	−36.9%	−10.3%	−10.3%	Owner earnings marginOE mgn
($151M)	($144M)	($47M)	($188M)	($59M)	($115M)	($29M)	($29M)	Free cash flowFCF
−34.4%	−39.4%	−12.8%	−49.1%	−16.8%	−36.9%	−10.3%	−10.3%	Free cash flow marginFCF mgn
$0	$1M	$7M	$2M	$0	$0	—	$0	Dividends paidDiv. paid
-26%	-13%	-13%	-53%	-14%	-27%	-15%	-15%	ROICROIC
-6%	-27%	-54%	-33%	-31%	-70%	-74%	-74%	Return on equityROE
−6%	−28%	−60%	−34%	−31%	−70%	—	−74%	Retained to equityRetained/eq
								Balance sheet
$184M	$231M	$246M	$236M	$174M	$117M	$71M	$99M	Cash & investmentsCash+inv
—	$20M	$17M	$16M	$17M	$17M	$19M	$19M	ReceivablesReceiv.
—	$94M	$73M	$115M	$53M	$45M	$29M	$29M	InventoryInvent.
—	$114M	$90M	$131M	$70M	$62M	$48M	$48M	Operating working capitalOper. WC
—	$354M	$358M	$398M	$266M	$203M	$131M	$131M	Current assetsCur. assets
—	$205M	$481M	$248M	$214M	$226M	$172M	$172M	Current liabilitiesCur. liab.
—	1.7×	0.7×	1.6×	1.2×	0.9×	0.8×	0.8×	Current ratioCurr. ratio
—	$791M	$844M	$873M	$834M	$700M	$602M	$602M	Total assetsAssets
—	$151M	$434M	$381M	$410M	$357M	$361M	$361M	Total debtDebt
—	($80M)	$188M	$145M	$236M	$240M	$290M	$262M	Net debt / (cash)Net debt
-1.2×	-3.7×	-5.2×	-23.5×	-7.4×	-10.0×	-5.0×	-5.0×	Interest coverageInt. cov.
$218M	$183M	$124M	$299M	$249M	$177M	$108M	$108M	Shareholders’ equityEquity
								Per share
193M	193M	193M	222M	11.7M	13.2M	14.8M	13.6M	Shares out (diluted)Shares
$2.27	$1.88	$1.89	$1.72	$29.80	$23.45	$19.08	$20.67	Revenue / shareRev/sh
$-0.07	$-0.25	$-0.35	$-0.45	$-6.48	$-9.27	$-5.42	$-5.87	EPS (diluted)EPS
$-0.78	$-0.74	$-0.24	$-0.85	$-5.00	$-8.65	$-1.97	$-2.14	Owner earnings / shareOE/sh
$-0.78	$-0.74	$-0.24	$-0.85	$-5.00	$-8.65	$-1.97	$-2.14	Free cash flow / shareFCF/sh
$0.00	$0.01	$0.04	$0.01	$0.00	$0.00	—	$0.00	Dividends / shareDiv/sh
$0.91	$0.75	$0.66	$0.55	$10.04	$9.39	$4.41	$4.77	Cap. spending / shareCapex/sh
$1.13	$0.95	$0.64	$1.35	$21.18	$13.32	$7.34	$7.95	Book value / shareBVPS

The diluted share count moved ×1/18.91 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+42.6%/yr	+58.9%/yr
Capital spending / share	+30.0%/yr	+42.6%/yr
Book value / share	+36.6%/yr	+50.6%/yr

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

15Mpeak FY2022

ROIC

−15%low FY2022

Gross margin

8%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($29M)owner earningsvs.($80M)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $80M loss into ($29M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($80M)	($123M)	($76M)	($99M)	($67M)
Depreciation & amortizationnon-cash charge added back	+$91M	+$97M	+$98M	+$95M	+$95M
Working capital & othertiming of cash in and out, other non-cash items	+$25M	+$36M	+$37M	−$61M	+$53M
Cash from operations	$36M	$10M	$59M	($65M)	$81M
Capital expenditurecash put back in to keep running and to grow	−$65M	−$124M	−$118M	−$123M	−$128M
Owner earnings	($29M)	($115M)	($59M)	($188M)	($47M)
Owner-earnings marginowner earnings ÷ revenue	-10%	-37%	-17%	-49%	-13%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -5.0×

Does not cover its interest

Operating income ($73M) ÷ interest expense $15M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $262M

Net debt against an operating loss

Cash $71M + ST investments $29M − debt $361M

What this means
Netting $99M of cash and short-term investments against $361M of debt leaves $262M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -15%

Below average through the cycle

7-yr median, range -53%–-13%; -15% latest = NOPAT ($58M) ÷ invested capital $399M

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran -15% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -34%

Consumes cash through the cycle

7-yr median margin, range -49%–-10%; latest ($29M) = operating cash $36M − maintenance capex $65M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -10% of revenue this year, a -34% median across 7 years.
Are earnings backed by cash? $36M

Loss, but cash-generative

Net income ($80M) · cash from operations $36M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.71×

Harvesting

Capex $65M ÷ depreciation $91M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $281M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.76×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $361M vs ($41M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 3 of 7 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-6.29/share (latest year $-5.41), the averaged base the calculator's gate runs on, and book value is $7.33/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 7

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 6 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −9% → −32% (3-yr avg ends)

In the filing’s words Input costs rose and the filing says it could not fully pass them on — which is where this margin compressed.

What this means
Through the cycle the operating margin slipped — about −9% early to −32% lately, median −25% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2022 · −77.9% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$131M

Cash & short-term investments$99M
Receivables$19M
Inventory$29M

Current liabilities$172M

Debt due within a year$83M
Other current liabilities$89M

Current ratio0.76×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.59×stricter: inventory excluded

Cash ratio0.58×strictest: cash alone against what's due

Working capital($41M)the cushion left after near-term bills

Debt due this year vs. cash$83M due · $99M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book value$107Mequity stripped of goodwill & intangibles

Net current asset value($362M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$388M$27M of it operating leases

Deferred revenue$10Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $147M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$879M · 598%
Dividends$10M · 7%

Returned to owners$10M
$10M as dividends and $0 as buybacks.
Source of funding−$742M
Reinvestment and shareholder returns ran $742M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count−93.0%
The diluted count fell from 193M to 14M, so the buybacks outran the stock issued to staff.
Dividend record$0.00/sh
Paid in 3 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Peers, Automobiles

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MLRMiller Industries Inc.	$790M	12%	5.7%	13%	2%
HLLYHolley Inc.	$614M	40%	12.5%	6%	6%
RKLBRocket Lab Corporation	$602M	15%	-68.4%	-28%	-59%
STRTSTRATTEC SECURITY CORPORATION	$565M	12%	3.2%	5%	2%
RDWRedwire Corporation	$335M	18%	-51.0%	-59%	-22%
MCFTMasterCraft Boat Holdings Inc.	$284M	26%	14.7%	37%	10%
GGRGogoro Inc.	$281M	15%	-25.3%	-15%	-34%
FLYFirefly Aerospace Inc.	$160M	19%	-238.8%	-30%	-178%
Group median	—	16%	-11.0%	-5%	-10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Gogoro Inc.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Gogoro Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered−5%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−10%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh GGR against another business →

Cite: Owner Scorecard, "Gogoro Inc. (GGR), the owner's record," https://ownerscorecard.com/c/GGR, data as of 2026-07-09.

Manual order: ← GGB its page in the Manual GIB →

Industry order: ← F the Automobiles chapter GM →