Autohome Inc.
ATHMdata completeness 88%13 fiscal years on fileData notes: no data for concept 'totalDebt'
Autohome Inc. earns about 9% on invested capital, below its ~9% cost of capital, and has bought back 6% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5.39 and $5.9 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 | $1.14B1 | $1.01B2 | $1.01B3 | $964.4M4 | $922.6M5 |
| Net income | $352.9M6 | $269M7 | $272.6M8 | $230.3M9 | $206.3M10 |
| Operating cash flow | $553M11 | $371.9M12 | $345.3M13 | $188.1M14 | $127.2M15 |
| Capital expenditure | $34.3M16 | $16.9M17 | $11.1M18 | $19.2M19 | $16.9M20 |
| Free cash flow (derived) | $518.6M11 | $355M12 | $334.2M13 | $168.9M14 | $110.3M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $664.8M21 | $406.2M22 | $703.7M23 | $232M24 | $311.1M25 |
| Diluted shares | 500.5M | 499.7M | 491.3M | 486.6M | 472.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $69.79 of net worth that earned you $4.37 and generated $2.34 of cash last year.
It earned about 9% 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 6% 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.
The 3 estimate methods that apply put fair value between $5.39 and $5.9 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
- fcfGrowth0.0%
- fcfBase$168.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$168.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$269M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.77 |
| Base | 0.0% | $5.77 |
| Bull | 5.0% | $7.01 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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 0001193125-22-117521 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-014231 (RevenueFromContractWithCustomerExcludingAssessedTax)
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