36Kr Holdings Inc.

KRKRdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

36Kr Holdings Inc. earns about -35% on invested capital, but has diluted owners by 177% over 2 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

Figure	FY 2019	FY 2020
Revenue	$94.2M¹	$59.3M²
Net income	−$3.72M³	−$42.8M⁴
Operating cash flow	−$22.8M⁵	−$2.63M⁶
Capital expenditure	$666,000⁷	$335,000⁸
Free cash flow (derived)	−$23.5M⁵	−$2.96M⁶
Total debt	—	—
Cash & equivalents	$25.5M⁹	$9.33M¹⁰
Diluted shares	368.2M	1.02B

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

Net assets behind them

$0.57

your share of equity

Profit it earned you last year

−$0.42

Free cash flow it threw off

−$0.03

Debt you’d be carrying

—

10 shares is a claim on $0.57 of net worth that earned you −$0.42 and generated −$0.03 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-35% avg · 2y

FY19 -1%FY20 -68%

It earned an average -35% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+177% shares · 2y

Share count is up 177% over 2 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

20-F · period ending 2019-12-31 · accession 0001104659-20-053889 (RevenueFromContractWithCustomerExcludingAssessedTax)
20-F · period ending 2020-12-31 · accession 0001104659-21-056812 (RevenueFromContractWithCustomerExcludingAssessedTax)
20-F · period ending 2019-12-31 · accession 0001104659-20-053889 (ProfitLoss)
20-F · period ending 2020-12-31 · accession 0001104659-21-056812 (ProfitLoss)
20-F · period ending 2019-12-31 · accession 0001104659-20-053889 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2020-12-31 · accession 0001104659-21-056812 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2019-12-31 · accession 0001104659-20-053889 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2020-12-31 · accession 0001104659-21-056812 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2019-12-31 · accession 0001104659-20-053889 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2020-12-31 · accession 0001104659-21-056812 (CashAndCashEquivalentsAtCarryingValue)