MeritValue

BingEx Ltd

FLXdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BingEx Ltd earns about -9% on invested capital, but has diluted owners by 101% over 2 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 2024FY 2025
Revenue$612.1M1$570.9M2
Net income−$20.1M3$15.6M4
Operating cash flow$300,0005$14.2M6
Capital expenditure$156,0007$19,0008
Free cash flow (derived)$144,0005$14.1M6
Total debt——
Cash & equivalents$81.2M9$80.2M10
Diluted shares103.7M208.6M

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
$5.73
your share of equity
Profit it earned you last year
$0.75
Free cash flow it threw off
$0.68
Debt you’d be carrying
—

10 shares is a claim on $5.73 of net worth that earned you $0.75 and generated $0.68 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-9% avg · 2y
FY24 -64%FY25 45%

It earned an average -9% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+101% shares · 2y

Share count is up 101% over 2 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$0.95
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001641172-25-006073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-018831 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-006073 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-018831 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-006073 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-018831 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-006073 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-018831 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-006073 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-018831 (CashAndCashEquivalentsAtCarryingValue)