MeritValue

Future FinTech Group Inc.

FTFTdata completeness 88%16 fiscal years on file
The thesis, from the filings

Future FinTech Group Inc. earns about -96% on invested capital, and has bought back 85% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$25.1M1$23.9M2$21.7M3$2.11M4$3.83M4
Net income$14.2M5−$13.6M6−$33.7M7−$33M8−$4.62M8
Operating cash flow−$18.7M9$2.69M10−$14.6M11−$20.4M12−$31.8M12
Capital expenditure——$65,65313$34,05614$3,72014
Free cash flow (derived)——−$14.6M11−$20.5M12−$31.8M12
Total debt$1.21M15————
Cash & equivalents$50.3M16$27.6M17$16.1M18$4.77M19$2.4M19
Diluted shares13.6M14.5M14.8M524,2552.0M

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
$220.52
your share of equity
Profit it earned you last year
−$23.18
Free cash flow it threw off
−$159.4
Debt you’d be carrying
—

10 shares is a claim on $220.52 of net worth that earned you −$23.18 and generated −$159.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-96% avg · 5y
FY21 -28%FY22 -24%FY23 -93%FY24 -274%FY25 -59%

It earned an average -96% 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
−85% shares · 5y

Share count is down 85% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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 2021-12-31 · accession 0001213900-23-031057 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-033265 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-032096 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-030833 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-022083 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-033265 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-032096 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-030833 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-031057 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-23-031057 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-032096 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-030833 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-032096 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001213900-26-030833 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-23-031057 (LongTermDebt)
  16. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-022083 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-25-032096 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-26-030833 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-030833 (CashAndCashEquivalentsAtCarryingValue)