MeritValue

Senmiao Technology Ltd

AIHSdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Senmiao Technology Ltd earns about -697% on invested capital, and has bought back 53% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$4.91M1$7.74M2$4.29M3$3.34M3$1.55M4
Net income−$536,6245−$3.11M6−$3.67M7−$3.73M8−$5.27M8
Operating cash flow−$9.16M9$557,83710$7,24111$500,30312−$1.6M12
Capital expenditure$3.22M13$1.15M14$671,67915$41516—
Free cash flow (derived)−$12.4M9−$593,23910−$664,43811$499,88812—
Total debt—————
Cash & equivalents$1.19M17$1.61M17$737,71918$833,57718$3.6M19
Diluted shares5.7M7.2M8.9M1.1M2.7M

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
−$21.81
your share of equity
Profit it earned you last year
−$19.7
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$21.81 of net worth that earned you −$19.7 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-697% avg · 5y
FY22 -64%FY23 -108%FY24 -1918%FY25 —FY26 —

It earned an average -697% 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
−53% shares · 5y

Share count is down 53% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-03-31 · accession 0001410578-23-001474 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-056536 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-062758 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2026-03-31 · accession 0001213900-26-073684 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001410578-23-001474 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-056536 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-062758 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-073684 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001410578-23-001474 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-24-056536 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-25-062758 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001213900-26-073684 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001410578-23-001474 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-24-056536 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-062758 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001213900-26-073684 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001213900-24-056536 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001213900-25-062758 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2026-03-31 · accession 0001213900-26-073684 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)