MeritValue

Boqii Holding Ltd

BQdata completeness 100%6 fiscal years on file
The thesis, from the filings

Boqii Holding Ltd earns about -29% on invested capital, and has bought back 94% 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$187.2M1$159M2$98.2M3$64.6M4$61M5
Net income−$20.3M6−$15M7−$8.82M8−$7.46M9−$738,00010
Operating cash flow−$23.3M11−$7.87M12−$3.52M13−$9.21M14−$4.24M15
Capital expenditure$485,00016$263,00017$73,00018$455,00019$154,00020
Free cash flow (derived)−$23.8M11−$8.14M12−$3.6M13−$9.67M14−$4.4M15
Total debt$25.4M21$12.6M22$2.11M23$1.25M24$2.32M25
Cash & equivalents$25.7M26$13.1M27$10.1M28$5.33M29$7.17M30
Diluted shares68.0M430,368628,9861.2M3.8M

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
$71.9
your share of equity
Profit it earned you last year
−$1.95
Free cash flow it threw off
−$11.6
Debt you’d be carrying
$6.12

10 shares is a claim on $71.9 of net worth that earned you −$1.95 and generated −$11.6 of cash last year, against $6.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-29% avg · 5y
FY22 -46%FY23 -42%FY24 -32%FY25 -26%FY26 -0%

It earned an average -29% 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
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 91% — 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
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. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (Revenues)
  4. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (Revenues)
  5. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (Revenues)
  6. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (NetIncomeLoss)
  7. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (NetIncomeLoss)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (NetIncomeLoss)
  9. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (NetIncomeLoss)
  10. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (NetIncomeLoss)
  11. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (ShortTermBorrowings)
  22. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (ShortTermBorrowings)
  23. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (ShortTermBorrowings)
  24. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (ShortTermBorrowings)
  25. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (ShortTermBorrowings)
  26. 20-F · period ending 2022-03-31 · accession 0001193125-22-202793 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2023-03-31 · accession 0001193125-23-192729 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2024-03-31 · accession 0001213900-24-091726 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-031835 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2026-03-31 · accession 0001213900-26-077593 (CashAndCashEquivalentsAtCarryingValue)