MeritValue

Oriental Culture Holding LTD

OCGdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Oriental Culture Holding LTD earns about 7% on invested capital, and has bought back 99% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$37.6M1$17.8M2$1.58M3$622,6903$1.89M3
Net income$11.4M4$3.24M5−$3.6M6−$2.43M6−$3.86M6
Operating cash flow$9.02M7−$1.21M8$3.62M9−$4.01M9$77,1039
Capital expenditure$9.6M10$708,95111$192,83912$59,02512—
Free cash flow (derived)−$573,4647−$1.92M8$3.43M9−$4.07M9—
Total debt—————
Cash & equivalents$29.4M13$17.2M14$17.7M15$17.1M15$32.3M15
Diluted shares4.1M4.2M6,46920,03935,968

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
$17,971.16
your share of equity
Profit it earned you last year
−$1,072.61
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $17,971.16 of net worth that earned you −$1,072.61 last year.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 51%FY22 10%FY23 -10%FY24 -6%FY25 -10%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001213900-24-036221 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-043484 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-056688 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-036221 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-043484 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-056688 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-036221 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-043484 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-056688 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-036221 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-043484 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-056688 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-24-036221 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-25-043484 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-26-056688 (CashAndCashEquivalentsAtCarryingValue)