HUHUTECH International Group Inc.

HUHUdata completeness 100%4 fiscal years on file
The thesis, from the filings

HUHUTECH International Group Inc. earns about -10% on invested capital, below its ~9% cost of capital, but has diluted owners by 16% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $1.29 and $1.41 a share.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 2025
Revenue$11.4M1$16.7M2$18.1M2$21.4M2
Net income$930,0093$2.33M4−$1.93M4−$17.3M4
Operating cash flow−$139,5395$3.05M6−$3.04M6$2.9M6
Capital expenditure$95,4487$1.21M8$3.83M8$164,5938
Free cash flow (derived)−$234,9875$1.84M6−$6.86M6$2.73M6
Total debt$1.69M9$5.79M10$7.43M10
Cash & equivalents$1.69M11$2.85M11$3.32M11$4.73M11
Diluted shares20.0M20.0M20.2M23.2M

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
$3.19
your share of equity
Profit it earned you last year
−$7.47
Free cash flow it threw off
$1.18
Debt you’d be carrying
$3.2

10 shares is a claim on $3.19 of net worth that earned you −$7.47 and generated $1.18 of cash last year, against $3.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 4y
FY22 53%FY23 52%FY24 -14%FY25 -132%

It earned about -10% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+16% shares · 4y

Share count is up 16% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 340% 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 v0.1.0

The 2 estimate methods that apply put fair value between $1.29 and $1.41 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.84M
DCF · Growth Exit 5Y
$1.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.84M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.29
The three cases
Bear0.0%$1.02
Base5.0%$1.29
Bull10.0%$1.62

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-036389 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-048296 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-036389 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-048296 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-036389 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-048296 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-036389 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-048296 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-25-036389 (ShortTermBorrowings)
  10. 20-F · period ending 2024-12-31 · accession 0001213900-26-048296 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-26-048296 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)