MeritValue

Nature's Miracle Holding Inc.

NMHIdata completeness 88%4 fiscal years on file
The thesis, from the filings

Nature's Miracle Holding Inc. earns about -399% on equity, and has bought back 11% of its shares over 4 years. 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$18.6M1$300,0532$1.59M2$76,0383
Net income−$2.46M4−$7.34M5−$13.7M6−$12M6
Operating cash flow−$2.45M7−$1.68M8−$5.93M9−$3.99M9
Capital expenditure$52,89410———
Free cash flow (derived)−$2.51M7———
Total debt$4.68M11$6.87M12$8.43M13$9.59M13
Cash & equivalents$810,37114$221,76015$420,13116$97,69416
Diluted shares16.7M742,4161.1M14.9M

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
−$8.54
your share of equity
Profit it earned you last year
−$8.03
Free cash flow it threw off
—
Debt you’d be carrying
$6.43

10 shares is a claim on −$8.54 of net worth that earned you −$8.03 last year, against $6.43 of debt.

iii. Is this a good business?
Moat signal · return on equity
-399% avg · 4y
FY22 -399%FY23 —FY24 —FY25 —

It earned an average -399% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 4y

Share count is down 11% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 105% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-032230 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001213900-26-044157 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-032230 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-044157 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-032230 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-044157 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-032230 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-044157 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-033428 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-032230 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-044157 (CashAndCashEquivalentsAtCarryingValue)