MeritValue

Agora, Inc.

APIdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Agora, Inc. earns about -7% on invested capital, and has bought back 10% 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$168M1$160.7M2$141.5M3$133.3M3$141.1M3
Net income−$72.4M4−$120.4M5−$87.2M6−$42.7M6$9.53M6
Operating cash flow−$20M7−$52.4M8−$13.6M9−$14.1M9$27.2M9
Capital expenditure$12.2M10$4.12M11$924,00012$2.55M12$1.7M12
Free cash flow (derived)−$32.2M7−$56.5M8−$14.5M9−$16.7M9$25.5M9
Total debt—$013$11M14$46.5M15$80.4M15
Cash & equivalents$285.7M16$45.7M17$36.9M18$27.1M19$75.4M19
Diluted shares440.9M446.4M398.4M373.1M395.4M

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
$14.23
your share of equity
Profit it earned you last year
$0.24
Free cash flow it threw off
$0.65
Debt you’d be carrying
$2.03

10 shares is a claim on $14.23 of net worth that earned you $0.24 and generated $0.65 of cash last year, against $2.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -9%FY22 -13%FY23 -12%FY24 -5%FY25 2%

It earned an average -7% 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
−10% shares · 5y

Share count is down 10% 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 v0.5.0
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
$0.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0000950170-24-047234 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-053943 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-155920 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-047234 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-053943 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-155920 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-047234 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-053943 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-155920 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-047234 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-053943 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-155920 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2022-12-31 · accession 0000950170-24-047234 (LongTermDebt)
  14. 20-F · period ending 2023-12-31 · accession 0000950170-25-053943 (LongTermDebt)
  15. 20-F · period ending 2024-12-31 · accession 0001193125-26-155920 (LongTermDebt)
  16. 20-F · period ending 2021-12-31 · accession 0000950170-23-014559 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0000950170-24-047234 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0000950170-25-053943 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-26-155920 (CashAndCashEquivalentsAtCarryingValue)