MeritValue

BeyondSpring Inc.

BYSIdata completeness 75%12 fiscal years on file
The thesis, from the filings

BeyondSpring Inc. earns about -241% on equity, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. 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$1.35M1$1.35M1$02$03$03
Net income−$64.2M4−$33.3M4−$21M5−$11.1M6−$1.01M6
Operating cash flow−$47.2M7−$27.5M7−$16.5M8−$16.4M9−$19.8M9
Capital expenditure$2.84M10$34,00010$100,00011$224,00012$50,00012
Free cash flow (derived)−$50.1M7−$27.5M7−$16.6M8−$16.7M9−$19.8M9
Total debt$1.57M13$014———
Cash & equivalents$41.6M15$34.4M15$5.4M16$2.92M17$7.79M17
Diluted shares39.0M39.1M39.0M40.3M—

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 equity
-241% avg · 5y
FY21 -241%FY22 —FY23 —FY24 —FY25 —

It earned an average -241% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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 2021-12-31 · accession 0001171843-23-002373 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001171843-25-001758 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001171843-26-001908 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001171843-23-002373 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001171843-25-001758 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001171843-26-001908 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001171843-23-002373 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001171843-25-001758 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001171843-26-001908 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001171843-23-002373 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001171843-25-001758 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001171843-26-001908 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001171843-22-002583 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001171843-23-002373 (LongTermDebtCurrent)
  15. 20-F · period ending 2021-12-31 · accession 0001171843-23-002373 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001171843-25-001758 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001171843-26-001908 (CashAndCashEquivalentsAtCarryingValue)