MeritValue

NIP Group Inc.

NIPGdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

NIP Group Inc. earns about -5% on equity, but has diluted owners by 101% over 3 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 2024
Revenue$65.9M1$83.7M1$85.3M1
Net income−$6.22M2−$13.3M2−$12.7M2
Operating cash flow−$9.63M3−$5.15M3−$16.5M3
Capital expenditure$764,9944$95,9234$714,0094
Free cash flow (derived)−$10.4M3−$5.25M3−$17.3M3
Total debt—$13.3M5$17.9M5
Cash & equivalents—$7.59M6$9.56M6
Diluted shares35.0M37.2M70.2M

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
$33.41
your share of equity
Profit it earned you last year
−$1.81
Free cash flow it threw off
−$2.46
Debt you’d be carrying
$2.54

10 shares is a claim on $33.41 of net worth that earned you −$1.81 and generated −$2.46 of cash last year, against $2.54 of debt.

iii. Is this a good business?
Moat signal · return on equity
-5% avg · 3y
FY22 —FY23 —FY24 -5%

It earned an average -5% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+101% shares · 3y

Share count is up 101% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 34% 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.

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 0001641172-25-009662 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-009662 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001641172-25-009662 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2022-12-31 · accession 0001641172-25-009662 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-12-31 · accession 0001641172-25-009662 (LongTermDebtNoncurrent)
  6. 20-F · period ending 2023-12-31 · accession 0001641172-25-009662 (CashAndCashEquivalentsAtCarryingValue)