MeritValue

UTime Ltd

FXHOdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

UTime Ltd earns about -102% on invested capital, and has bought back 99% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$43.4M1$29.2M2$24.3M3$34.6M4$28.5M5
Net income−$6.12M6−$12.8M7−$8.58M8−$92.3M9−$4.04M10
Operating cash flow−$3.29M11−$2.2M12−$53M13−$4.37M14−$21.2M15
Capital expenditure$923,00016$377,00017$137,00018—$6,00019
Free cash flow (derived)−$4.21M11−$2.58M12−$53.2M13—−$21.2M15
Total debt$5.76M20$8.01M21$8.03M22$8.76M23$9.11M24
Cash & equivalents$9.78M25$10.2M26$10.8M27$15.1M28$38M29
Diluted shares8.2M54,27133172156,302

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
$3,683.35
your share of equity
Profit it earned you last year
−$716.67
Free cash flow it threw off
−$3,767.89
Debt you’d be carrying
$1,618.06

10 shares is a claim on $3,683.35 of net worth that earned you −$716.67 and generated −$3,767.89 of cash last year, against $1,618.06 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-102% avg · 5y
FY22 -69%FY23 -229%FY24 -7%FY25 —FY26 —

It earned an average -102% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 58% 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 v0.5.0
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 2022-03-31 · accession 0001213900-22-067293 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (Revenues)
  4. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (Revenues)
  5. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (Revenues)
  6. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (NetIncomeLoss)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (NetIncomeLoss)
  8. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (NetIncomeLoss)
  9. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (NetIncomeLoss)
  10. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (NetIncomeLoss)
  11. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2022-03-31 · accession 0001213900-22-067293 (LongTermDebtCurrent)
  21. 20-F · period ending 2023-03-31 · accession 0001213900-23-064327 (LongTermDebtCurrent)
  22. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (ShortTermBorrowings)
  23. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2022-03-31 · accession 0001213900-23-064327 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  26. 20-F · period ending 2023-03-31 · accession 0001013762-24-002659 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  27. 20-F · period ending 2024-03-31 · accession 0001013762-24-002659 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-03-31 · accession 0001213900-25-074295 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2026-03-31 · accession 0001493152-26-036780 (CashAndCashEquivalentsAtCarryingValue)