MeritValue

MicroAlgo Inc.

MLGOdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MicroAlgo Inc. earns about -734% on invested capital, below its ~9% cost of capital, but has diluted owners by 93% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $9.86 and $38.94 a share.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$82M1$87.1M1$81.9M2$75.3M3$60M4
Net income$8.57M5−$6.96M5−$37.6M6$7.29M7$18.1M8
Operating cash flow$15.3M9$1.96M9−$6.41M10$4.08M11$2.48M12
Capital expenditure$36,01013$160,92313$10,18514$3,98415$1,15916
Free cash flow (derived)$15.2M9$1.79M9−$6.42M10$4.07M11$2.48M12
Total debt—————
Cash & equivalents$42.7M17$42.7M17$44.8M18$144.1M19$174.8M20
Diluted shares4.0M19,93022,8109.7M7.7M

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
$431.25
your share of equity
Profit it earned you last year
$23.69
Free cash flow it threw off
$3.24
Debt you’d be carrying
—

10 shares is a claim on $431.25 of net worth that earned you $23.69 and generated $3.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-734% avg · 5y
FY21 56%FY22 -24%FY23 -4988%FY24 1275%FY25 12%

It earned about -734% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+93% shares · 5y

Share count is up 93% over 5 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

The 3 estimate methods that apply put fair value between $9.86 and $38.94 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$38.94
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.6%
  • fcfBase$2.48M
DCF · Growth Exit 5Y
$32.43
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.6%
  • fcfBase$2.48M
Earnings Power Value
$9.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.29M
  • growthAssumed0.0%
Graham Number
$45.35
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.6%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $32.43
The three cases
Bear0.0%$27.45
Base17.6%$32.43
Bull20.0%$33.38

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 17.6%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001829126-23-002347 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001829126-24-002392 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001829126-25-002971 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2025-12-31 · accession 0001829126-26-002991 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001829126-23-002347 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001829126-24-002392 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001829126-25-002971 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001829126-26-002991 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001829126-23-002347 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001829126-24-002392 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001829126-25-002971 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001829126-26-002991 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001829126-23-002347 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2023-12-31 · accession 0001829126-24-002392 (PaymentsToAcquireProductiveAssets)
  15. 20-F · period ending 2024-12-31 · accession 0001829126-25-002971 (PaymentsToAcquireProductiveAssets)
  16. 20-F · period ending 2025-12-31 · accession 0001829126-26-002991 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0001829126-23-002347 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001829126-24-002392 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-12-31 · accession 0001829126-25-002971 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2025-12-31 · accession 0001829126-26-002991 (CashAndCashEquivalentsAtCarryingValue)