SPI Energy Co., Ltd. (SPIEQ) vs CSLM Acquisition Corp. (SPWR)

SPI Energy Co., Ltd. and CSLM Acquisition Corp. are both Solar companies. CSLM Acquisition Corp. is the larger, with a market value of $84.2M against $24.2M — 3.5× the size. SPI Energy Co., Ltd. grew revenue faster over the last twelve months: 21.2% against 18.6%. CSLM Acquisition Corp. has the higher net margin (−3.77% vs −11.8%) and the lower return on invested capital (−38.2% vs −16.2%). Across the 15 metrics below, SPI Energy Co., Ltd. leads on 8 and CSLM Acquisition Corp. on 7.

Valuation

Metric SPIEQ SPWR Solar median
P/E n/m n/m 10.61
P/S n/m 0.13 0.47
P/B n/m n/m 0.99
Price to free cash flow n/m n/m 9.56
EV/EBITDA n/m n/m 9.36
EV/Sales 0.21 0.55 0.63
Earnings yield 0.00% (76.84%) 0.00%
Free cash flow yield 0.00% (164.94%) 0.00%

Profitability

Metric SPIEQ SPWR Solar median
Gross margin 13.08% 52.17% 31.92%
Operating margin (7.32%) (20.11%) (9.70%)
Net margin (11.75%) (3.77%) (8.48%)
Free cash flow margin (2.70%) (21.35%) (2.95%)
Return on equity (122.93%) 15.27% 5.34%
Return on assets (10.87%) (5.36%) (5.36%)
Return on invested capital (16.17%) (38.19%) (5.27%)

Growth

Metric SPIEQ SPWR Solar median
Revenue growth (TTM) 21.20% 18.59% 16.97%
EPS growth (last fiscal year) 33.68% 30.18% 47.20%
Revenue growth, 5-year CAGR 7.87% — 14.00%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SPIEQ SPWR Solar median
Debt to equity 3.21 (4.70) 0.09
Current ratio 0.41 0.82 1.33
Net debt to EBITDA (1.90) (60.25) 0.03

Dividend

Metric SPIEQ SPWR Solar median
Dividend yield — — —
Payout ratio — — —

Size

Metric SPIEQ SPWR Solar median
Market cap 24.21m 84.15m 31.62m

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