MeritValue

Jiuzi Holdings, Inc.

JZXNdata completeness 88%8 fiscal years on file
The thesis, from the filings

Jiuzi Holdings, Inc. earns about -195% on invested capital, but has diluted owners by 231% 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 2022FY 2023FY 2024FY 2024FY 2025
Revenue$5.57M1$5.93M2$1.4M3$1.4M4$2.88M4
Net income−$16.8M5−$9.39M5—−$59.1M6−$10.2M6
Operating cash flow−$8.87M7−$5.48M8—−$50.6M8−$1.01M8
Capital expenditure$19,3399———$66,49110
Free cash flow (derived)−$8.89M7———−$1.08M8
Total debt$2.08M11$2.07M11———
Cash & equivalents$1.96M12$665,38012—$943,43512$4.57M13
Diluted shares104,8957,818—223,833346,866

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
$405.17
your share of equity
Profit it earned you last year
−$293.8
Free cash flow it threw off
−$31.09
Debt you’d be carrying
—

10 shares is a claim on $405.17 of net worth that earned you −$293.8 and generated −$31.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-195% avg · 5y
FY22 -42%FY23 -63%FY24 —FY24 -590%FY25 -85%

It earned an average -195% 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
+231% shares · 5y

Share count is up 231% over 5 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
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 2022-10-31 · accession 0001213900-23-020339 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-10-31 · accession 0001213900-24-044727 (Revenues)
  3. 20-F/A · period ending 2024-09-30 · accession 0001213900-25-084026 (Revenues)
  4. 20-F · period ending 2024-10-31 · accession 0001213900-26-019888 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 20-F · period ending 2022-10-31 · accession 0001213900-24-044727 (NetIncomeLoss)
  6. 20-F · period ending 2024-10-31 · accession 0001213900-26-019888 (ProfitLoss)
  7. 20-F/A · period ending 2022-10-31 · accession 0001213900-25-084026 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-10-31 · accession 0001213900-26-019888 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-10-31 · accession 0001213900-24-044727 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2025-10-31 · accession 0001213900-26-019888 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-10-31 · accession 0001213900-24-044727 (LongTermDebt)
  12. 20-F/A · period ending 2022-10-31 · accession 0001213900-25-084026 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2025-10-31 · accession 0001213900-26-019888 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)