MeritValue

Kingsoft Cloud Holdings Ltd

KCdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Kingsoft Cloud Holdings Ltd earns about -16% on invested capital, but has diluted owners by 19% 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$1.42B1$1.19B2$992.6M3$1.07B4$1.37B5
Net income−$249.3M6−$385.4M7−$306.5M8−$269.4M9−$133.9M10
Operating cash flow−$111.2M11$27.4M12−$23.8M13$86.1M14$543.5M15
Capital expenditure—————
Free cash flow (derived)—————
Total debt$211.6M16$381.9M17$456.1M18$1.31B19$1.9B20
Cash & equivalents$661.8M21$495.7M22$317.7M23$362.9M24$860.6M25
Diluted shares3.44B3.62B3.56B3.66B4.11B

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
$3.24
your share of equity
Profit it earned you last year
−$0.33
Free cash flow it threw off
—
Debt you’d be carrying
$4.63

10 shares is a claim on $3.24 of net worth that earned you −$0.33 last year, against $4.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -16%FY22 -25%FY23 -20%FY24 -13%FY25 -5%

It earned an average -16% 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
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 799% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001193125-22-135476 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-050820 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-054351 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000732 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-047100 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-135476 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-050820 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-054351 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000732 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-047100 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-135476 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-050820 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-054351 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000732 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-047100 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-135476 (LongTermDebtCurrent)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-050820 (LongTermDebt)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-054351 (LongTermDebt)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000732 (LongTermDebtNoncurrent)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-047100 (LongTermDebtNoncurrent)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-135476 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-050820 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-054351 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001410578-25-000732 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2025-12-31 · accession 0001104659-26-047100 (CashAndCashEquivalentsAtCarryingValue)