MeritValue

9F Inc.

JFUdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

9F Inc. earns about -11% on invested capital, below its ~9% cost of capital, but has diluted owners by 10% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.37 and $2.28 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$119.5M1$81.4M2$58.1M3$17.1M4$19.2M5
Net income−$36.9M6−$86.2M7−$19.8M8$6.85M9$24.1M10
Operating cash flow−$36M11$9.18M12$8.8M13$6.37M14$29.7M15
Capital expenditure$1.21M16$6.5M17$809,00018$156,00019$381,00020
Free cash flow (derived)−$37.3M11$2.68M12$7.99M13$6.21M14$29.3M15
Total debt—————
Cash & equivalents$383.4M21$370.7M22$231M23$54.2M24$62.1M24
Diluted shares213.6M233.2M235.5M235.9M235.9M

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
$22.5
your share of equity
Profit it earned you last year
$1.02
Free cash flow it threw off
$1.24
Debt you’d be carrying
—

10 shares is a claim on $22.5 of net worth that earned you $1.02 and generated $1.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 -9%FY22 -43%FY23 -6%FY24 0%FY25 5%

It earned about -11% 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
+10% shares · 5y

Share count is up 10% over 5 years — owners have been diluted. Worth asking what they got for it.

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 $1.37 and $2.28 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$2.28
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$7.99M
DCF · Growth Exit 5Y
$1.37
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$7.99M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$2.25
assumptions (1)
  • grahamMultiplier2250.0%

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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.37
The three cases
Bear0.0%$0.75
Base20.0%$1.37
Bull20.0%$1.37

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

Default growth 20.0%= 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 2021-12-31 · accession 0001104659-22-061935 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-23-040143 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-043661 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-073649 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-050184 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-22-061935 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-23-040143 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-24-043661 (ProfitLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-073649 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-050184 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001104659-22-061935 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-23-040143 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-24-043661 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-073649 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-050184 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-22-061935 (PaymentsToAcquireProductiveAssets)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-040143 (PaymentsToAcquireProductiveAssets)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-24-043661 (PaymentsToAcquireProductiveAssets)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-073649 (PaymentsToAcquireProductiveAssets)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-050184 (PaymentsToAcquireProductiveAssets)
  21. 20-F · period ending 2021-12-31 · accession 0001104659-22-061935 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001213900-24-043661 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 20-F · period ending 2023-12-31 · accession 0001213900-25-073649 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001213900-26-050184 (CashAndCashEquivalentsAtCarryingValue)