iHuman Inc.
IHdata completeness 88%6 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
iHuman Inc. earns about 9% on equity, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $0.53 and $0.99 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $148.2M1 | $142.9M2 | $143.4M3 | $126.3M4 | $115.4M5 |
| Net income | −$5.81M6 | $15.9M7 | $25.5M8 | $13.5M9 | $13.6M10 |
| Operating cash flow | $6M11 | $27.3M12 | $24.2M13 | $8.02M14 | $7.34M15 |
| Capital expenditure | $5.07M16 | $955,00017 | $917,00018 | $1.02M19 | $701,00020 |
| Free cash flow (derived) | $930,00011 | $26.4M12 | $23.3M13 | $7M14 | $6.64M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $134.2M21 | $152.2M22 | $171M23 | $153.9M24 | $164.6M25 |
| Diluted shares | 266.6M | 270.2M | 273.8M | 271.2M | 267.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $5.32 of net worth that earned you $0.51 and generated $0.25 of cash last year.
It earned about 9% on equity against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.53 and $0.99 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$13.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.99 |
| Base | 0.0% | $0.99 |
| Bull | 5.0% | $1.08 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 20-F · period ending 2021-12-31 · accession 0001104659-22-053581 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049598 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-051629 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000944 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048541 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-053581 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049598 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-051629 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000944 (NetIncomeLoss)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048541 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-053581 (NetCashProvidedByUsedInOperatingActivities)
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- 20-F · period ending 2023-12-31 · accession 0001104659-24-051629 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000944 (NetCashProvidedByUsedInOperatingActivities)
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- 20-F · period ending 2024-12-31 · accession 0001410578-25-000944 (PaymentsToAcquireProductiveAssets)
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- 20-F · period ending 2021-12-31 · accession 0001104659-22-053581 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049598 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-051629 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000944 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-048541 (CashAndCashEquivalentsAtCarryingValue)