MeritValue

Chagee Holdings Ltd.

CHAdata completeness 88%1 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Chagee Holdings Ltd. earns about 16% on equity, 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 2025
Revenue$1.85B1
Net income$167.5M2
Operating cash flow$235.1M3
Capital expenditure$59.6M4
Free cash flow (derived)$175.5M3
Total debt—
Cash & equivalents$1.09B5
Diluted shares164.7M

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
$63.74
your share of equity
Profit it earned you last year
$10.17
Free cash flow it threw off
$10.65
Debt you’d be carrying
—

10 shares is a claim on $63.74 of net worth that earned you $10.17 and generated $10.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
16% avg · 1y
FY25 16%

It earned an average 16% on equity over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
$11.23
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2025-12-31 · accession 0001104659-26-050766 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001104659-26-050766 (NetIncomeLoss)
  3. 20-F · period ending 2025-12-31 · accession 0001104659-26-050766 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2025-12-31 · accession 0001104659-26-050766 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-050766 (CashAndCashEquivalentsAtCarryingValue)