MeritValue

Jianzhi Education Technology Group Co Ltd

JZdata completeness 100%4 fiscal years on file
The thesis, from the filings

Jianzhi Education Technology Group Co Ltd earns about -58% on invested capital, below its ~9% cost of capital, but has diluted owners by 76% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $0.12 and $0.13 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 2022FY 2023FY 2024FY 2025
Revenue$73.3M1$62M2$34.1M3$10M4
Net income−$28.9M5−$52.6M6−$4.59M7−$2.25M8
Operating cash flow$13.7M9$2.14M10$1.44M11−$1.43M12
Capital expenditure—$15,06513$2,41114$1,22615
Free cash flow (derived)—$2.12M10$1.44M11−$1.43M12
Total debt——$958,99616$1M17
Cash & equivalents$9.16M18$2.49M19$1.71M20$1.17M21
Diluted shares118.5M121.1M138.0M208.2M

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
$0.33
your share of equity
Profit it earned you last year
−$0.11
Free cash flow it threw off
−$0.07
Debt you’d be carrying
$0.05

10 shares is a claim on $0.33 of net worth that earned you −$0.11 and generated −$0.07 of cash last year, against $0.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-58% avg · 4y
FY22 —FY23 —FY24 -90%FY25 -27%

It earned about -58% 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
+76% shares · 4y

Share count is up 76% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 $0.12 and $0.13 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.44M
DCF · Growth Exit 5Y
$0.12
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.44M
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 →

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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.12
The three cases
Bear0.0%$0.1
Base5.0%$0.12
Bull10.0%$0.15

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

Default growth 5.0%= 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 2022-12-31 · accession 0001213900-23-080459 (Revenues)
  2. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-072213 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (Revenues)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (Revenues)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-23-080459 (NetIncomeLoss)
  6. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-072213 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-23-080459 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-072213 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-072213 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (ShortTermBorrowings)
  17. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (ShortTermBorrowings)
  18. 20-F/A · period ending 2022-12-31 · accession 0001213900-24-072213 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 20-F · period ending 2023-12-31 · accession 0001213900-25-037744 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 20-F · period ending 2024-12-31 · accession 0001213900-25-037744 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F · period ending 2025-12-31 · accession 0001213900-26-042787 (CashAndCashEquivalentsAtCarryingValue)