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ECARX Holdings Inc.

ECXdata completeness 100%4 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$515.7M1$662.2M2$771.5M2$847.9M2
Net income−$223.2M3−$133.3M4−$129.8M4−$66M4
Operating cash flow−$58.8M5−$172.4M6−$60M6−$94.4M6
Capital expenditure$18.5M7$8.88M8$15.9M8$12.2M8
Free cash flow (derived)−$77.4M5,7−$181.3M6,8−$75.9M6,8−$106.6M6,8
Total debt$126.1M9$169M10$185.2M11$310.7M11
Cash & equivalents$106.9M12$80.3M13$44.3M13$87.1M13
Diluted shares239.3M337.4M336.6M338.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$8.35
your share of equity
Profit it earned you last year
−$1.95
Free cash flow it threw off
−$3.15
Debt you’d be carrying
$9.17

10 shares is a claim on −$8.35 of net worth that earned you −$1.95 and generated −$3.15 of cash last year, against $9.17 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

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

seeing a moat in the numbers →
Management signal · capital allocation
+42% shares · 4y

Share count is up 42% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 146% 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 v0.6.0
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 →

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Sources — the receipts
  1. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F filed 2026-03-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (NetIncomeLoss)
  4. 20-F filed 2026-03-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (NetIncomeLoss)
  5. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F filed 2026-03-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F filed 2026-03-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (ShortTermBorrowings)
  10. 20-F filed 2024-04-03 · period ending 2023-12-31 · accession 0001628280-24-014607 (ShortTermBorrowings)
  11. 20-F filed 2026-03-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (ShortTermBorrowings)
  12. 20-F filed 2023-04-24 · period ending 2022-12-31 · accession 0001104659-23-048955 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F filed 2026-03-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-021865 (CashAndCashEquivalentsAtCarryingValue)