MeritValue

CHINA PHARMA HOLDINGS, INC.

CPHIdata completeness 100%16 fiscal years on file
The thesis, from the filings

CHINA PHARMA HOLDINGS, INC. earns about -82% on invested capital, and has bought back 7% 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$9.64M1$8.1M2$7.01M3$4.53M4$4.14M4
Net income−$3.4M5−$3.97M6−$3.08M7−$4.74M8−$3.19M8
Operating cash flow−$249,8389−$409,54510−$699,68611−$406,06312$148,26112
Capital expenditure$438,05513$401,96413$11,51714$38,41115$59,32415
Free cash flow (derived)−$687,8939−$811,50910−$711,20311−$444,47412$88,93712
Total debt——$1.13M16$1.14M17$1.44M17
Cash & equivalents$4.86M18$2.03M19$1.42M19$626,87920$345,11220
Diluted shares4.6M1.1M3.4M1.7M4.3M

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
$52.99
your share of equity
Profit it earned you last year
−$7.43
Free cash flow it threw off
$0.21
Debt you’d be carrying
$3.34

10 shares is a claim on $52.99 of net worth that earned you −$7.43 and generated $0.21 of cash last year, against $3.34 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-82% avg · 5y
FY21 -195%FY22 -124%FY23 -34%FY24 -45%FY25 -10%

It earned an average -82% 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
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 27% 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. 10-K · period ending 2021-12-31 · accession 0001213900-23-024710 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028731 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026280 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024710 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-028731 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026280 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024710 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028731 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026280 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-024710 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-026280 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-026280 (ShortTermBorrowings)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0001213900-23-024710 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001213900-24-028731 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-038521 (CashAndCashEquivalentsAtCarryingValue)