MeritValue

Chaince Digital Holdings Inc.

CDdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Chaince Digital Holdings Inc. earns about -257% on invested capital, but has diluted owners by 579% 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$670,1711$863,4382$445,9282$494,0253$1.87M3
Net income−$21.7M4−$5.63M5−$9.36M5−$4.53M6−$5.1M6
Operating cash flow−$1.41M7−$1.55M8−$2.79M8−$3.57M9−$2.41M9
Capital expenditure$010$7,22211$3,80811$2,61112—
Free cash flow (derived)−$1.41M7−$1.56M8−$2.79M8−$3.58M9—
Total debt—————
Cash & equivalents$440,63613$7.45M14$16.1M15$23.9M16$33.8M16
Diluted shares9.7M14.4M45.8M60.9M66.0M

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
$6.67
your share of equity
Profit it earned you last year
−$0.77
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.67 of net worth that earned you −$0.77 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-257% avg · 5y
FY21 -146%FY22 -49%FY23 -444%FY24 -629%FY25 -15%

It earned an average -257% 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
+579% shares · 5y

Share count is up 579% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001493152-24-015608 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-007755 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-012943 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-015608 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-007755 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-012943 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-015608 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-007755 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-012943 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-23-000790 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-007755 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012943 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-23-000790 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-015608 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-007755 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012943 (CashAndCashEquivalentsAtCarryingValue)