ECARX Holdings Inc.

ECXdata completeness 100%4 fiscal years on file

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 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	−$181.3M⁶	−$75.9M⁶	−$106.6M⁶
Total debt	$126.1M⁹	$169M¹⁰	$185.2M¹¹	$310.7M¹¹
Cash & equivalents	$106.9M¹²	$80.3M¹³	$44.3M¹³	$87.1M¹³
Diluted shares	239.3M	337.4M	336.6M	338.7M

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

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.

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.

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