MeritValue

Cenntro Inc.

CENNdata completeness 88%7 fiscal years on file
The thesis, from the filings

Cenntro Inc. earns about -230% on invested capital, and has bought back 100% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.58M1$8.94M2$10.4M3$31.3M4$18.1M4
Net income−$16.4M5−$110.1M6−$54.2M7−$44.9M8−$73M8
Operating cash flow−$21.5M9−$69.4M10−$58.5M11−$21.4M12−$12.6M12
Capital expenditure$756,26913$3.29M14$7.64M15$846,11515—
Free cash flow (derived)−$22.2M9−$72.7M10−$66.1M11−$22.2M12—
Total debt——$016$612,00017$2.47M17
Cash & equivalents$261.1M18$154M19$28.8M20$12.5M21$4.48M21
Diluted shares175.1M26.3M30.4M514,023836,814

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
$481.38
your share of equity
Profit it earned you last year
−$872.14
Free cash flow it threw off
—
Debt you’d be carrying
$29.56

10 shares is a claim on $481.38 of net worth that earned you −$872.14 last year, against $29.56 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-230% avg · 5y
FY21 -449%FY22 -478%FY23 -39%FY24 -41%FY25 -142%

It earned an average -230% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-033413 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-016853 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-014773 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-033413 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-016853 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001140361-26-014773 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-033413 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-016853 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001140361-26-014773 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-033413 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-016853 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001140361-26-014773 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-033413 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001140361-24-016853 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001140361-25-011607 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001140361-26-014773 (CashAndCashEquivalentsAtCarryingValue)