MeritValue

Mingteng International Corp Inc.

MTENdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Mingteng International Corp Inc. earns about -0% on invested capital, but has diluted owners by 305% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$50,4781$6,8972$8,7862$10,8252
Net income$2.13M3$1.51M4−$5.68M4−$1.79M4
Operating cash flow$2.85M5$1.3M6$294,9736−$104,0826
Capital expenditure$1.44M7$761,7928$945,9188$1.01M8
Free cash flow (derived)$1.41M5$538,1976−$650,9456−$1.11M6
Total debt————
Cash & equivalents$1.79M9$1.06M10$2.08M11$1.45M11
Diluted shares5.0M25,00034,19820.3M

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
$10.89
your share of equity
Profit it earned you last year
−$0.88
Free cash flow it threw off
−$0.55
Debt you’d be carrying
—

10 shares is a claim on $10.89 of net worth that earned you −$0.88 and generated −$0.55 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 4y
FY22 51%FY23 24%FY24 -69%FY25 -7%

It earned an average -0% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+305% shares · 4y

Share count is up 305% over 4 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2022-12-31 · accession 0001213900-25-037714 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-050226 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-037714 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050226 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-037714 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050226 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-037714 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-050226 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-24-043100 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-25-037714 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-26-050226 (CashAndCashEquivalentsAtCarryingValue)