MeritValue

CXJ GROUP CO., Ltd

ECXJdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

CXJ GROUP CO., Ltd earns about -152% on invested capital, with a roughly flat share count. 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$1.05M1$2.77M2$2.13M3$2.32M4$458,6324
Net income−$1.58M5−$541,4535−$1.06M6−$2.14M7−$2.28M7
Operating cash flow$103,2428$443,5239−$378,81510−$590,03811−$418,52511
Capital expenditure—$1,91412$4,42913$2,93414—
Free cash flow (derived)—$441,6099−$383,24410−$592,97211—
Total debt————$22,96315
Cash & equivalents$340,10916$827,14417$659,45118$2,52119$10,03719
Diluted shares101.5M101.5M101.7M101.7M102.1M

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
−$0.15
your share of equity
Profit it earned you last year
−$0.22
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on −$0.15 of net worth that earned you −$0.22 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-152% avg · 5y
FY21 -61%FY22 -37%FY23 -45%FY24 -466%FY25 —

It earned an average -152% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

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. 10-K · period ending 2021-05-31 · accession 0001493152-24-001811 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-05-31 · accession 0001493152-24-017474 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A · period ending 2023-05-31 · accession 0001641172-25-026092 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-05-31 · accession 0001493152-25-013547 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-05-31 · accession 0001493152-24-017474 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-05-31 · accession 0001641172-25-026092 (NetIncomeLoss)
  7. 10-K · period ending 2024-05-31 · accession 0001493152-25-013547 (NetIncomeLoss)
  8. 10-K · period ending 2021-05-31 · accession 0001493152-24-001811 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-05-31 · accession 0001493152-24-017474 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-05-31 · accession 0001641172-25-026092 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-05-31 · accession 0001493152-25-013547 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-05-31 · accession 0001493152-24-017474 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2023-05-31 · accession 0001641172-25-026092 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-05-31 · accession 0001493152-25-013547 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-05-31 · accession 0001493152-25-013547 (ShortTermBorrowings)
  16. 10-K · period ending 2021-05-31 · accession 0001493152-24-001811 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-05-31 · accession 0001493152-24-017474 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-05-31 · accession 0001641172-25-026092 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-05-31 · accession 0001493152-25-013547 (CashAndCashEquivalentsAtCarryingValue)