MeritValue

Concord Medical Services Holdings Ltd

CCMdata completeness 100%15 fiscal years on file
The thesis, from the filings

Concord Medical Services Holdings Ltd earns about 25% on invested capital, with a roughly flat share count. 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$69.5M1$65.3M2$73.3M3$51.3M4$65M5
Net income−$42.6M6−$71M7−$41.9M8−$42.2M9−$13.3M10
Operating cash flow−$56.4M11−$31.4M12−$38.9M13−$54.5M14−$28.9M15
Capital expenditure$43.8M16$32.3M17$15.9M18$20.7M19$8.05M20
Free cash flow (derived)−$100.2M11−$63.7M12−$54.9M13−$75.1M14−$36.9M15
Total debt$435.8M21$507M22$574.4M23$652M24$633.1M25
Cash & equivalents$24.7M26$22.9M27$8.19M28$29.6M29$42.6M30
Diluted shares131.1M131.1M131.1M131.1M131.1M

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
−$22.95
your share of equity
Profit it earned you last year
−$1.01
Free cash flow it threw off
−$2.82
Debt you’d be carrying
$48.31

10 shares is a claim on −$22.95 of net worth that earned you −$1.01 and generated −$2.82 of cash last year, against $48.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
25% avg · 5y
FY21 48%FY22 65%FY23 38%FY24 -17%FY25 -9%

It earned an average 25% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 45% over the same window.

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 0001410578-22-001107 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001410578-22-001107 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001410578-22-001107 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001410578-22-001107 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001410578-22-001107 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (LongTermDebtNoncurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001410578-22-001107 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001410578-23-000729 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001104659-24-049117 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001410578-25-000907 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001104659-26-050692 (CashAndCashEquivalentsAtCarryingValue)