Missfresh Ltd
MFdata completeness 88%2 fiscal years on fileData notes: no data for concept 'interestExpense'
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 |
|---|---|---|
| Revenue | $1.09B1 | $400.4M2 |
| Net income | −$604.1M3 | −$219.1M4 |
| Operating cash flow | −$406.3M5 | −$99M6 |
| Capital expenditure | $21.5M7 | $3.87M8 |
| Free cash flow (derived) | −$427.7M5 | −$102.9M6 |
| Total debt | $146.9M9 | — |
| Cash & equivalents | $166.5M10 | $3.03M11 |
| Diluted shares | 408.6M | 706.9M |
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
−$3.19
your share of equity
Profit it earned you last year
−$3.1
Free cash flow it threw off
−$1.45
Debt you’d be carrying
—
10 shares is a claim on −$3.19 of net worth that earned you −$3.1 and generated −$1.45 of cash last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 2y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
+73% shares · 2y
Share count is up 73% over 2 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 —
Different models answer different questions — which to trust when →
Sources — the receipts
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-087268 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-087268 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-087268 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-087268 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (ShortTermBorrowings)
- 20-F · period ending 2021-12-31 · accession 0001104659-22-117441 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-087268 (CashAndCashEquivalentsAtCarryingValue)