MeritValue

EZGO Technologies Ltd.

EZGOdata completeness 88%7 fiscal years on file
The thesis, from the filings

EZGO Technologies Ltd. earns about -10% on invested capital, and has bought back 67% of its shares over 5 years. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$15.2M1$23.4M2$17.4M3$15.9M3$21.1M3
Net income$276,9224−$3.41M4−$6.46M5−$6.78M5−$7.28M5
Operating cash flow$4.02M6−$6.26M7−$10.4M8−$1.89M8−$10.3M8
Capital expenditure$2.34M9$6.72M9———
Free cash flow (derived)$1.68M6−$13M7———
Total debt$299,31510$310,39511$2.81M12$5.39M13$13.3M13
Cash & equivalents$322,59814$4.77M15$4.39M15$17.3M16$3.47M16
Diluted shares7.8M10.7M341,5731.1M2.6M

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
$224.73
your share of equity
Profit it earned you last year
−$27.95
Free cash flow it threw off
—
Debt you’d be carrying
$50.97

10 shares is a claim on $224.73 of net worth that earned you −$27.95 last year, against $50.97 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY20 4%FY21 -13%FY22 -18%FY23 -11%FY24 -10%

It earned an average -10% 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
−67% shares · 5y

Share count is down 67% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 4338% 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 v0.1.0
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 2020-09-30 · accession 0001213900-23-003910 (Revenues)
  2. 20-F · period ending 2021-09-30 · accession 0001213900-24-006994 (Revenues)
  3. 20-F · period ending 2022-09-30 · accession 0001213900-25-004698 (Revenues)
  4. 20-F/A · period ending 2020-09-30 · accession 0001213900-22-045117 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001213900-25-004698 (NetIncomeLoss)
  6. 20-F · period ending 2020-09-30 · accession 0001213900-23-003910 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-09-30 · accession 0001213900-24-006994 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0001213900-25-004698 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2020-09-30 · accession 0001213900-22-004020 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F/A · period ending 2020-09-30 · accession 0001213900-22-045117 (ShortTermBorrowings)
  11. 20-F · period ending 2021-09-30 · accession 0001213900-23-003910 (ShortTermBorrowings)
  12. 20-F · period ending 2022-09-30 · accession 0001213900-24-006994 (ShortTermBorrowings)
  13. 20-F · period ending 2023-09-30 · accession 0001213900-25-004698 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2020-09-30 · accession 0001213900-23-003910 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2021-09-30 · accession 0001213900-24-006994 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-09-30 · accession 0001213900-25-004698 (CashAndCashEquivalentsAtCarryingValue)