MeritValue

Anbio Biotechnology

NNNNdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Anbio Biotechnology earns about 65% on invested capital, but has diluted owners by 43671922% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.04 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 2022FY 2023FY 2024FY 2025
Revenue$23.5M1$6.71M2$8.19M2$8.65M2
Net income$10M3$2.25M4$2.37M4$6.4M4
Operating cash flow$4.45M5$898,3676$2.08M6−$6.74M6
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$7.1M7$9.69M8$11.8M9$7.77M9
Diluted shares10021.4M42.3M43.7M

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
$6.9
your share of equity
Profit it earned you last year
$1.47
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.9 of net worth that earned you $1.47 last year.

iii. Is this a good business?
Moat signal · return on invested capital
65% avg · 4y
FY22 145%FY23 44%FY24 44%FY25 29%

It earned an average 65% 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
+43671922% shares · 4y

Share count is up 43671922% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$1.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.39M
  • growthAssumed0.0%
Graham Number
$1.51
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-035802 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001185185-26-001294 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-035802 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001185185-26-001294 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-035802 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001185185-26-001294 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001185185-26-001294 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-25-035802 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2024-12-31 · accession 0001185185-26-001294 (CashAndCashEquivalentsAtCarryingValue)