MeritValue

GreenTree Hospitality Group Ltd.

GHGdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

GreenTree Hospitality Group Ltd. earns about 25% on invested capital. 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$189.3M1$135.8M2$229.2M3$184.1M4$156.9M5
Net income$18.4M6−$55.4M7$37.9M8$15.1M9$23.9M10
Operating cash flow$56.6M11$42.4M12$64.1M13$51.2M14$40.2M15
Capital expenditure$53.6M16$10M17$12.4M18$10.9M19$37.3M20
Free cash flow (derived)$3.02M11$32.4M12$51.7M13$40.2M14$2.88M15
Total debt$166.3M21$58.2M22$24.5M23$35.2M24$44.8M25
Cash & equivalents$46.8M26$92.4M27$107.8M28$204.2M29$236.3M30
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
25% avg · 5y
FY21 5%FY22 -28%FY23 32%FY24 50%FY25 70%

It earned an average 25% 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
— shares · 5y

Total debt has fallen 73% — deleveraging.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-12-31 · accession 0001558370-22-009130 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001558370-22-009130 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001558370-22-009130 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001558370-22-009130 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001558370-22-009130 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (LongTermDebt)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (LongTermDebt)
  24. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (LongTermDebtCurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (LongTermDebtCurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001558370-22-009130 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001104659-23-053082 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001104659-24-055024 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001213900-25-037718 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001213900-26-050417 (CashAndCashEquivalentsAtCarryingValue)