Jianpu Technology Inc.
AIJTYdata completeness 88%9 fiscal years on fileData notes: no data for concept 'interestExpense'
Jianpu Technology Inc. earns about -4% on invested capital, below its ~9% cost of capital, and has bought back 3% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.51 and $0.54 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $126.3M1 | $143.5M2 | $150.6M3 | $137.8M4 | $140M5 |
| Net income | −$31.4M6 | −$18M7 | −$3.77M8 | $14.5M9 | $4.59M10 |
| Operating cash flow | −$46.2M11 | −$22.4M12 | $599,00013 | $10.9M14 | $15.1M15 |
| Capital expenditure | $493,00016 | $262,00017 | $290,00018 | $985,00019 | $47,00020 |
| Free cash flow (derived) | −$46.7M11 | −$22.7M12 | $309,00013 | $9.94M14 | $15.1M15 |
| Total debt | $28.5M21 | $36.8M22 | $33.3M23 | $27.7M24 | — |
| Cash & equivalents | $64.5M25 | $48.8M26 | $47.2M27 | $59.9M28 | $30.6M28 |
| Diluted shares | 423.7M | 424.0M | 424.6M | 410.1M | 409.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1.03 of net worth that earned you $0.11 and generated $0.37 of cash last year.
It earned about -4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.51 and $0.54 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$9.94M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$9.94M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.42 |
| Base | 5.0% | $0.51 |
| Bull | 10.0% | $0.61 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001104659-22-052752 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049835 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-049088 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000926 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048221 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-052752 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049835 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-049088 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000926 (NetIncomeLoss)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048221 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-052752 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049835 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-049088 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000926 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048221 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-052752 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049835 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-049088 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000926 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048221 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-052752 (ShortTermBorrowings)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049835 (ShortTermBorrowings)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-049088 (ShortTermBorrowings)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000926 (ShortTermBorrowings)
- 20-F · period ending 2021-12-31 · accession 0001104659-23-049835 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-24-049088 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001410578-25-000926 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-048221 (CashAndCashEquivalentsAtCarryingValue)