MeritValue

Baidu, Inc.

BIDUdata completeness 88%17 fiscal years on file
The thesis, from the filings

Baidu, Inc. earns about 6% on invested capital. 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$19.5B1$17.9B2$19B3$18.2B4$18.5B5
Net income$1.61B6$1.1B7$2.86B8$3.26B9$799M10
Operating cash flow$3.16B11$3.79B12$5.16B13$2.91B14−$431M15
Capital expenditure$1.71B16$1.2B17$1.58B18$1.11B19$1.73B20
Free cash flow (derived)$1.45B11$2.59B12$3.58B13$1.8B14−$2.16B15
Total debt$9.07B21$8.54B22$7.61B23$6.43B24$7.21B25
Cash & equivalents$5.78B26$7.71B27$3.55B28$3.4B29$3.52B30
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 4%FY22 4%FY23 9%FY24 9%FY25 3%

It earned an average 6% 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
— shares · 5y

Total debt has fallen 21% — 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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (LongTermDebt)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (LongTermDebtCurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (LongTermDebtCurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (LongTermDebtCurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (LongTermDebtCurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001193125-22-086036 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001193125-23-076192 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001193125-24-068527 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001193125-25-066199 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001193125-26-109289 (CashAndCashEquivalentsAtCarryingValue)