MeritValue

Jumia Technologies AG

JMIAdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

Jumia Technologies AG earns about -181% on invested capital, but has diluted owners by 24% over 5 years — worth asking whether the growth reaches owners. 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$167.6M1$203.3M2$186.4M3$167.5M3$188.9M3
Net income−$226.9M4−$238.2M5−$104.2M6−$99.1M6−$61.6M6
Operating cash flow−$171.2M7−$240.2M8−$73M9−$57.2M9−$47.9M9
Capital expenditure$7.17M10$11.1M11$2.25M12$3.68M12$4.67M12
Free cash flow (derived)−$178.3M7−$251.3M8−$75.2M9−$60.9M9−$52.6M9
Total debt—————
Cash & equivalents$117.1M13$71.6M14$35.5M14$55.4M14$76.7M14
Diluted shares199.8M201.2M202.3M244.9M247.7M

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
$1.06
your share of equity
Profit it earned you last year
−$2.48
Free cash flow it threw off
−$2.12
Debt you’d be carrying
—

10 shares is a claim on $1.06 of net worth that earned you −$2.48 and generated −$2.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-181% avg · 5y
FY21 -60%FY22 -177%FY23 -242%FY24 -245%FY25 —

It earned an average -181% 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
+24% shares · 5y

Share count is up 24% 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 0001756708-24-000011 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001756708-25-000018 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001756708-26-000015 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001756708-24-000011 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001756708-25-000018 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001756708-26-000015 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001756708-24-000011 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001756708-25-000018 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001756708-26-000015 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001756708-24-000011 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001756708-25-000018 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001756708-26-000015 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001756708-25-000018 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001756708-26-000015 (CashAndCashEquivalents)