MeritValue

ABVC BIOPHARMA, INC.

ABVCdata completeness 88%19 fiscal years on file
The thesis, from the filings

ABVC BIOPHARMA, INC. earns about -189% on invested capital, and has bought back 20% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$355,7971$969,7832$152,4303$04$296,0004
Net income−$12.8M5−$16.4M6−$7.79M7−$4.9M8−$7.91M8
Operating cash flow−$7.6M9−$7.4M10−$4.19M11−$1.81M12−$2.99M12
Capital expenditure$17,50313$119,69214$21,20115——
Free cash flow (derived)−$7.62M9−$7.52M10−$4.21M11——
Total debt$1.64M16$1.89M17$899,25018$840,25219$755,51219
Cash & equivalents$5.83M20$85,26521$60,15522$248,38223$681,48023
Diluted shares25.1M3.2M4.3M11.7M20.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.53
your share of equity
Profit it earned you last year
−$3.93
Free cash flow it threw off
—
Debt you’d be carrying
$0.38

10 shares is a claim on $5.53 of net worth that earned you −$3.93 last year, against $0.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-189% avg · 5y
FY21 -186%FY22 -245%FY23 -222%FY24 -233%FY25 -59%

It earned an average -189% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−20% shares · 5y

Share count is down 20% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 54% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-023063 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-023063 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-023063 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (ShortTermBorrowings)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (ShortTermBorrowings)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (ShortTermBorrowings)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-023063 (ShortTermBorrowings)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-025554 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-022235 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001213900-25-032118 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-023063 (CashAndCashEquivalentsAtCarryingValue)