MeritValue

Jowell Global Ltd.

JWELdata completeness 100%8 fiscal years on file
The thesis, from the filings

Jowell Global Ltd. earns about -20% on invested capital, but has diluted owners by 42% 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$170.9M1$210M1$160M1$133M2$165M2
Net income−$6.39M3−$11.5M4−$11.5M5−$7.96M5−$6.28M5
Operating cash flow−$18M6−$12M7−$13.5M8$790,1848−$1.53M8
Capital expenditure$609,0149$660,48810$12,04611$117,59011$12,41311
Free cash flow (derived)−$18.6M6−$12.7M7−$13.5M8$672,5948−$1.54M8
Total debt—$2.46M12$423,56713$6,38114$6,38115
Cash & equivalents$21.2M16$13.5M17$1.25M18$2.18M19$2.74M19
Diluted shares1.5M1.8M2.1M2.2M2.2M

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
$52.39
your share of equity
Profit it earned you last year
−$28.72
Free cash flow it threw off
−$7.06
Debt you’d be carrying
$0.03

10 shares is a claim on $52.39 of net worth that earned you −$28.72 and generated −$7.06 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 5y
FY21 -28%FY22 -35%FY23 -37%FY24 54%FY25 -53%

It earned an average -20% 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
+42% shares · 5y

Share count is up 42% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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
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 0001213900-24-042346 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-26-050429 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-042346 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-041556 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-050429 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-042346 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-041556 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-050429 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-042346 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-041556 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-050429 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-24-042346 (ShortTermBorrowings)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-25-041556 (ShortTermBorrowings)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-041556 (LongTermDebt)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-050429 (LongTermDebt)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-25-041556 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-24-042346 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-25-041556 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-26-050429 (CashAndCashEquivalentsAtCarryingValue)