MeritValue

JRSIS HEALTH CARE Corp

JRSSdata completeness 100%11 fiscal years on file
The thesis, from the filings

JRSIS HEALTH CARE Corp earns about 15% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 360% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.09 and $0.12 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 2019FY 2020FY 2021FY 2022FY 2023
Revenue$31.5M1$35.7M2$44.4M2$1.72M3$3.46M3
Net income$888,0614$3.83M5$3.19M6−$575,8397−$80,9127
Operating cash flow$11.8M8$10.6M9$8.23M10−$1.76M11$516,72411
Capital expenditure$4.71M12$8.27M13$2.31M13$44,64414$1,48415
Free cash flow (derived)$7.13M8$2.37M9$5.93M10−$1.81M11$515,24011
Total debt———$49,70916$43,66317
Cash & equivalents$1.97M18$844,82719$29,84720$58,61620$118,11421
Diluted shares16.8M18.3M18.7M61.3M77.3M

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
−$0.02
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
$0.07
Debt you’d be carrying
$0.01

10 shares is a claim on −$0.02 of net worth that earned you −$0.01 and generated $0.07 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY19 16%FY20 26%FY21 5%FY22 —FY23 —

It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+360% shares · 5y

Share count is up 360% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 12% — 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

The 3 estimate methods that apply put fair value between $0.09 and $0.12 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.09
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$515,240
DCF · Growth Exit 5Y
$0.1
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$515,240
Earnings Power Value
$0.12
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$888,061
  • growthAssumed0.0%
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.1
The three cases
Bear0.0%$0.1
Base0.0%$0.1
Bull5.0%$0.12

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.

Sources — the receipts
  1. 10-K · period ending 2019-12-31 · accession 0001213900-21-021624 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2020-12-31 · accession 0001213900-22-019967 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-036467 (Revenues)
  4. 10-K · period ending 2019-12-31 · accession 0001213900-21-021624 (NetIncomeLoss)
  5. 10-K · period ending 2020-12-31 · accession 0001213900-22-019967 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-072794 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-036467 (NetIncomeLoss)
  8. 10-K · period ending 2019-12-31 · accession 0001213900-21-021624 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2020-12-31 · accession 0001213900-22-019967 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-072794 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-036467 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2019-12-31 · accession 0001213900-21-021624 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2020-12-31 · accession 0001213900-22-019967 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001213900-23-072794 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-24-036467 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-036467 (LongTermDebtCurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-24-036467 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2019-12-31 · accession 0001213900-21-021624 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2020-12-31 · accession 0001213900-22-019967 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-072794 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001213900-24-036467 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)