MeritValue

Ebang International Holdings Inc.

EBONdata completeness 88%8 fiscal years on file
The thesis, from the filings

Ebang International Holdings Inc. earns about -39% on invested capital, but has diluted owners by 6% over 5 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 2023FY 2024FY 2025
Revenue$48.3M1$29.5M1$4.86M2$5.87M2$6.54M2
Net income$4.43M3−$43.9M4−$36.8M5−$20.3M5−$14.1M5
Operating cash flow−$15.8M6$5.15M7−$11.5M8−$17.6M8−$9.05M8
Capital expenditure$6.15M9$3.8M10$985,79411$223,10611$4.5M11
Free cash flow (derived)−$22M6$1.35M7−$12.5M8−$17.8M8−$13.5M8
Total debt—————
Cash & equivalents$239.9M12$251.3M13$241.6M14$213.8M14$200.2M14
Diluted shares5.9M6.2M6.3M6.3M6.3M

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
$388.87
your share of equity
Profit it earned you last year
−$22.44
Free cash flow it threw off
−$21.56
Debt you’d be carrying
—

10 shares is a claim on $388.87 of net worth that earned you −$22.44 and generated −$21.56 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-39% avg · 5y
FY21 2%FY22 -54%FY23 -81%FY24 -36%FY25 -26%

It earned an average -39% 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
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001213900-23-033864 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-047509 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-036625 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-036063 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-047509 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-036625 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-036063 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-047509 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-036625 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-036063 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-047509 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001213900-24-036625 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-25-036063 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-26-047509 (CashAndCashEquivalentsAtCarryingValue)