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.
| Figure | FY 2024 | FY 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) | $144,0005,7 | $14.1M6,8 |
| Total debt | — | — |
| Cash & equivalents | $81.2M9 | $80.2M10 |
| Diluted shares | 103.7M | 208.6M |
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.
10 shares is a claim on $5.73 of net worth that earned you $0.75 and generated $0.68 of cash last year.
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 →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.
Different models answer different questions — which to trust when →
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Connect the MeritValue MCP server to Claude or another MCP client, ask about BingEx Ltd, and get these exact figures with their filing receipts — not an improvised DCF.
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