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ZYBERNO

Stock Report

Updated Jun 12, 2026

Heliogen, Inc. (HLGNW)

Utilities • Over The Counter

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

59.0/100

AVERAGE BUSINESS

Heliogen, Inc. (HLGNW) scores 59/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full HLGNW quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full HLGNW valuation analysis · → View full HLGNW Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (179.8%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.15x)

Operating Margin (Operational Efficiency):EXCELLENT (179.2%)

Return on Capital (Capital Efficiency):NEUTRAL (1,112.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Heliogen, Inc. (HLGNW) stock report — Zyberno Score 59/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, HLGNW generated -$33.08M in Owner Earnings. Capital was deployed as follows: $114.00K invested in capital expenditures. Reinvestment rate: -15.2%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.00

Market Cap:$0.00

Enterprise Metrics (2)

Enterprise Value:-$28.36M

Ev Ebitda Ratio:-0.64x

B. Profitability Assessment

Return Metrics (5)

ROE:

179.8%

📊 Click to view full HLGNW ROE analysis →

ROA:81.1%

Roic:

1,112.8%

📊 Click to view full HLGNW ROIC analysis →

Reinvestment Rate:-15.2%

Fundamental Growth Rate (g):-169.5%

Margin Analysis (3)

Operating Margin Ttm:179.2%

Net Margin Ttm:190.9%

Ebitda Margin:205.3%

TTM Performance (3)

Gross Margin Ttm:411.4%

Operating Margin Ttm:179.2%

Net Margin Ttm:190.9%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:-999.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.00

📊 Click to view full HLGNW Earnings Surprise analysis →

EPS Surprise vs Expected:1.4%

Latest Earnings Filed:2025-05-07

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):22.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.66x

Quick Ratio:3.66x

Cash Ratio:3.51x

Leverage Analysis (3)

Debt To Equity Ttm:0.15x

Debt-to-Equity Ratio:0.15x

Debt To Ebitda:0.04x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:22,832,000.00

Cash And Cash Equivalents:30,064,000.00

Long Term Debt:$730.00K

Net Debt:-$28.36M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $21.70M

Linear Growth: 22.8%

📊 Click to view full HLGNW Revenue analysis & methodology →

Cost Of Revenue Ttm:$3.75M

Profitability Breakdown (2)

Gross profit TTM: $89.26M

Linear Growth: 100.0%

📊 Click to view full HLGNW Gross Profit analysis & methodology →

$38.87M

Bottom Line Performance (3)

$41.41M

Income Before Tax:$41.42M

Ebitda Ttm:44,547,000.00

Operating Expenses (5)

Operating Expenses:50,382,000.00

R And D Expense:13,632,000.00

Sga Expense:28,571,000.00

Income Tax Expense:$6.00K

Interest Expense:0.00

Expense Ratios (1)

Ebitda Margin:205.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$32.68M

Current Assets:$31.40M

Ppe Net:2,398,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:9,655,000.00

Current Liabilities:8,571,000.00

Long Term Debt:$730.00K

Short Term Debt:$974.00K

Equity & Capital (3)

Equity:$23.03M

Retained Earnings:-$411.99M

Common Stock:500,000,000.00

Working Capital Items (3)

Accounts Receivable:179,000.00

Inventory:0.00

Accounts Payable:7,401,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:406,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$32.97M-$33.08M

Investment Activities (2)

Investing Cash Flow:$54.00K

Capital Expenditures Ttm:114,000.00

Financing Activities (3)

Financing Cash Flow:-$9.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:5,674,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):6.86

$6.72

Earnings Per Share Ttm:$6.71

Revenue & Cash Per Share (2)

Sales Per Share Ttm:3.52

Operating Cash Flow Per Share:-$6.30

Book Value & Capital (2)

Book Value Per Share:$3.73

Cash Per Share:4.87

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.42x

Working Capital Turnover Ttm:0.95x

Receivables Management (2)

Receivables Turnover Ttm:121.21x

Days Sales Outstanding Ttm:3.01

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:719.98

Cash Conversion Cycle:-1,715.97

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$33.08M

Damodaran Growth Analysis (2)

Reinvestment Rate:-15.2%

Fundamental Growth Rate (g):-169.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):22.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):100.0%

Book Value Growth Rate (Linear):25.2%

C. Company Profile & Context

Corporate Information (6)

Symbol:HLGNW

Company Name:Heliogen, Inc.

Sector:Utilities

Industry:Electric Utilities

Exchange:Over The Counter

Country:Unknown

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:6.17M

Shares Outstanding Basic:6.17M

Shares Outstanding Diluted:6.17M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-12 14:37:44 UTC

Data Timestamp:2026-06-12T14:37:44.371008