MeritValue

Youdao, Inc.

DAOdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$630.2M1$726.8M2$759.1M3$770.7M4$845M5
Net income−$156.2M6−$108.1M7−$77.5M8$10.3M9$13.9M10
Operating cash flow−$211.3M11−$87.4M12−$61.7M13−$9.3M14$7.89M15
Capital expenditure$9.96M16$9.95M17$2.51M18$1.62M19$3.66M20
Free cash flow (derived)−$221.2M11−$97.4M12−$64.2M13−$10.9M14$4.23M15
Total debt—————
Cash & equivalents$50.7M21$113.6M22$64M23$81.2M24$62.9M25
Diluted shares121.7M123.6M121.4M118.2M119.9M

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
−$23.08
your share of equity
Profit it earned you last year
$1.16
Free cash flow it threw off
$0.35
Debt you’d be carrying
—

10 shares is a claim on −$23.08 of net worth that earned you $1.16 and generated $0.35 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 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
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
book value / share count 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 0001193125-22-127645 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-119945 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-111467 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001193125-25-080651 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001193125-26-155933 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-127645 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-119945 (ProfitLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-111467 (ProfitLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-25-080651 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001193125-26-155933 (ProfitLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-127645 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-119945 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-111467 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001193125-25-080651 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001193125-26-155933 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-127645 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-119945 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001193125-24-111467 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-25-080651 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001193125-26-155933 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-127645 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-119945 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2023-12-31 · accession 0001193125-24-111467 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001193125-25-080651 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2025-12-31 · accession 0001193125-26-155933 (CashAndCashEquivalentsAtCarryingValue)