MeritValue

DiDi Global Inc.

DIDIYdata completeness 100%3 fiscal years on file
The thesis, from the filings

DiDi Global Inc. earns about -25% on invested capital, but has diluted owners by 86% over 3 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 2023
Revenue$27.3B1$20.4B2$27.1B3
Net income−$7.74B4−$3.45B5$69.5M6
Operating cash flow−$2.1B7−$1.39B8$1.08B9
Capital expenditure$1.04B10$370.3M11$329.7M12
Free cash flow (derived)−$3.14B7−$1.76B8$746.2M9
Total debt$263.8M13$21.7M14$147.1M15
Cash & equivalents$6.3B16$2.94B17$3.85B17
Diluted shares658.0M1.21B1.22B

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
$112.48
your share of equity
Profit it earned you last year
$0.57
Free cash flow it threw off
$6.09
Debt you’d be carrying
$1.2

10 shares is a claim on $112.48 of net worth that earned you $0.57 and generated $6.09 of cash last year, against $1.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-25% avg · 3y
FY21 -52%FY22 -25%FY23 1%

It earned an average -25% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+86% shares · 3y

Share count is up 86% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 44% — deleveraging.

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 0001104659-22-054213 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-053304 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-047255 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-22-054213 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001104659-23-053304 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-24-047255 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-22-054213 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-23-053304 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-24-047255 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-22-054213 (PaymentsToAcquireProductiveAssets)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-23-053304 (PaymentsToAcquireProductiveAssets)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-24-047255 (PaymentsToAcquireProductiveAssets)
  13. 20-F · period ending 2021-12-31 · accession 0001104659-22-054213 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001104659-23-053304 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001104659-24-047255 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-23-053304 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-24-047255 (CashAndCashEquivalentsAtCarryingValue)