The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 9.4M (2021) → 15.2M (2025)
374Water Inc. provides a technology that transforms wet wastes into recoverable resources in the United States. The company transforms wet wastes, including sewage sludge, biosolids, food waste, hazardous and non-hazardous waste, and forever chemicals. It offers AirSCWO systems, a waste stream treatment system based on supercritical water oxidation that are used to treat various hazardous and non-hazardous waste streams. It serves municipal, department of defense, department of energy, federal aviation agency, waste management, industrial manufacturing and compliance, and sanitation projects in developing countries. 374Water Inc. is based in Morrisville, North Carolina.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+1.5% YoY
YoY Growth Rate
Slow revenue growth
+0.0% YoY
YoY Growth Rate
Slow EPS growth
$3M/ year
↑ Rising (+18% vs prior year)
>1,000% of revenue
293.5x the sector average (4%)
Investing heavily in future products and technology
~0 months
$447,453 cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
374Water is putting 1174% of revenue into R&D and that number is rising. That's 293.5x the sector average.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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