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.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 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) | — | $2.12M10,13 | $1.44M11,14 | −$1.43M12,15 |
| Total debt | — | — | $958,99616 | $1M17 |
| Cash & equivalents | $9.16M18 | $2.49M19 | $1.71M20 | $1.17M21 |
| Diluted shares | 118.5M | 121.1M | 138.0M | 208.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
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.
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 →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.
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.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth5.00%
- Starting free cash flow$1.44M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth5.00%
- Starting free cash flow$1.44M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.09 |
| Base | 5.0% | $0.12 |
| Bull | 10.0% | $0.14 |
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.
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MeritValue on the App Store →- 20-F filed 2023-09-28 · period ending 2022-12-31 · accession 0001213900-23-080459 (Revenues)
- 20-F/A filed 2024-08-23 · period ending 2023-12-31 · accession 0001213900-24-072213 (Revenues)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (Revenues)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (Revenues)
- 20-F filed 2023-09-28 · period ending 2022-12-31 · accession 0001213900-23-080459 (NetIncomeLoss)
- 20-F/A filed 2024-08-23 · period ending 2023-12-31 · accession 0001213900-24-072213 (NetIncomeLoss)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (NetIncomeLoss)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (NetIncomeLoss)
- 20-F filed 2023-09-28 · period ending 2022-12-31 · accession 0001213900-23-080459 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A filed 2024-08-23 · period ending 2023-12-31 · accession 0001213900-24-072213 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A filed 2024-08-23 · period ending 2023-12-31 · accession 0001213900-24-072213 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (ShortTermBorrowings)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (ShortTermBorrowings)
- 20-F/A filed 2024-08-23 · period ending 2022-12-31 · accession 0001213900-24-072213 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F filed 2025-04-30 · period ending 2023-12-31 · accession 0001213900-25-037744 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F filed 2025-04-30 · period ending 2024-12-31 · accession 0001213900-25-037744 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2026-04-13 · period ending 2025-12-31 · accession 0001213900-26-042787 (CashAndCashEquivalentsAtCarryingValue)