Meihua International Medical Technologies Co., Ltd.
MHUAFdata completeness 100%7 fiscal years on fileMeihua International Medical Technologies Co., Ltd. earns about 9% on invested capital, barely covering its ~9% cost of capital, and has bought back 98% of its shares over 5 years. The estimate methods put fair value between $67.98 and $298.83 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $104M1 | $103.3M2 | $97.1M2 | $96.9M2 | $61.8M3 |
| Net income | $20.9M4 | $6.24M5 | $11.6M6 | $10.8M6 | $6.78M6 |
| Operating cash flow | −$54,6637 | −$9.16M8 | $2.28M9 | $14.6M9 | $569,8839 |
| Capital expenditure | $850,23110 | $2.7M11 | $1.18M12 | $133,55012 | $15,62912 |
| Free cash flow (derived) | −$904,8947 | −$11.9M8 | $1.09M9 | $14.5M9 | $554,2549 |
| Total debt | $5.18M13 | $7.54M14 | $7.32M15 | $7.95M16 | $8.99M16 |
| Cash & equivalents | $8.15M17 | $26.7M18 | $16.9M18 | $17.3M19 | $15.2M19 |
| Diluted shares | 20.0M | 23.4M | 239,400 | 273,717 | 376,035 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $5,024.3 of net worth that earned you $180.35 and generated $14.74 of cash last year, against $239.01 of debt.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 74% 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.
The 3 estimate methods that apply put fair value between $67.98 and $298.83 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.09M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.09M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$10.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $57.93 |
| Base | 5.0% | $67.98 |
| Bull | 10.0% | $80.01 |
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.
- 20-F · period ending 2021-12-31 · accession 0001213900-24-035784 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-035216 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-049081 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-035784 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-035216 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-049081 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-035784 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-035216 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-049081 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-035784 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-035216 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-049081 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2021-12-31 · accession 0001213900-23-071440 (ShortTermBorrowings)
- 20-F · period ending 2022-12-31 · accession 0001213900-24-035784 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-035216 (ShortTermBorrowings)
- 20-F · period ending 2024-12-31 · accession 0001213900-26-049081 (ShortTermBorrowings)
- 20-F/A · period ending 2021-12-31 · accession 0001213900-23-071440 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001213900-24-035784 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001213900-26-049081 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)