MeritValue

Aurora Mobile Ltd

JGdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Aurora Mobile Ltd earns about -49% on equity. 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$56.1M1$47.7M2$40.9M3$43.3M4$53.6M5
Net income−$22.1M6−$15.5M7−$8.75M8−$965,0009$61,00010
Operating cash flow−$12M11−$2.53M12−$2.52M13$1.17M14$9.28M15
Capital expenditure$2.56M16$92,00017$43,00018$617,00019$36,00020
Free cash flow (derived)−$14.6M11−$2.63M12−$2.57M13$553,00014$9.24M15
Total debt$23.5M21$725,00022—$411,00023—
Cash & equivalents$13.1M24$16.4M25$16.1M25$16.3M26$24M27
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 equity
-49% avg · 5y
FY21 -65%FY22 -84%FY23 -84%FY24 -10%FY25 1%

It earned an average -49% on equity 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 98% — 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
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 2021-12-31 · accession 0001193125-22-104903 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-104207 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-046491 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-035657 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-104903 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-104207 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-046491 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-035657 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-104903 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-104207 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-046491 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-035657 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-104903 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-104207 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-046491 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-035657 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-104903 (ShortTermBorrowings)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-104207 (ShortTermBorrowings)
  23. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (ShortTermBorrowings)
  24. 20-F · period ending 2021-12-31 · accession 0001193125-23-104207 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-12-31 · accession 0001104659-24-046491 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2024-12-31 · accession 0001410578-25-000628 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2025-12-31 · accession 0001104659-26-035657 (CashAndCashEquivalentsAtCarryingValue)