MeritValue

NaaS Technology Inc.

NAASdata completeness 75%8 fiscal years on file
The thesis, from the filings

NaaS Technology Inc. earns about -656% on equity, but has diluted owners by 2232% over 5 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$146.9M1—$13.5M2$45.1M3$27.5M4
Net income−$20.3M5−$39M6−$817.3M7−$184.1M8−$125.1M9
Operating cash flow−$31.5M10−$84.7M11−$84.2M12−$79.6M13−$24.5M14
Capital expenditure$3.66M15—$2.48M16——
Free cash flow (derived)−$35.2M10—−$86.7M12——
Total debt$109.1M17————
Cash & equivalents$85M18$2.52M19$72.3M20$61.4M20$17.3M21
Diluted shares112.8M112.9M1.93B2.26B2.63B

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
−$0.39
your share of equity
Profit it earned you last year
−$0.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.39 of net worth that earned you −$0.48 last year.

iii. Is this a good business?
Moat signal · return on equity
-656% avg · 5y
FY20 -27%FY21 —FY22 -1285%FY23 —FY24 —

It earned an average -656% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2232% shares · 5y

Share count is up 2232% over 5 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 — 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 2020-12-31 · accession 0001193125-21-121322 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-128620 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-24-134831 (Revenue)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-001444 (RevenueFromContractsWithCustomers)
  5. 20-F · period ending 2020-12-31 · accession 0001193125-21-121322 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-150252 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-128620 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F · period ending 2023-12-31 · accession 0001193125-24-134831 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-001444 (ProfitLossAttributableToOwnersOfParent)
  10. 20-F · period ending 2020-12-31 · accession 0001193125-21-121322 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-150252 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-128620 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001193125-24-134831 (CashFlowsFromUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-001444 (CashFlowsFromUsedInOperatingActivities)
  15. 20-F · period ending 2020-12-31 · accession 0001193125-21-121322 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2022-12-31 · accession 0001193125-23-128620 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F · period ending 2020-12-31 · accession 0001193125-21-121322 (LongTermDebtNoncurrent)
  18. 20-F · period ending 2020-12-31 · accession 0001193125-21-121322 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2021-12-31 · accession 0001193125-22-150252 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2022-12-31 · accession 0001193125-24-134831 (CashAndCashEquivalents)
  21. 20-F · period ending 2024-12-31 · accession 0001410578-25-001444 (CashAndCashEquivalents)