MeritValue

Planet Green Holdings Corp.

PLAGdata completeness 88%16 fiscal years on file
The thesis, from the filings

Planet Green Holdings Corp. earns about -30% on invested capital, and has bought back 67% 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$37.8M1$44.8M2$17.7M3$4.69M4$3.04M4
Net income−$9.99M5−$25.8M6−$20.8M7−$7.33M8−$27M8
Operating cash flow−$519,3969−$9.01M10−$5.28M11$811,83312−$1.79M12
Capital expenditure$1.39M13—$26,37114$1,19915$4,82415
Free cash flow (derived)−$1.91M9—−$5.31M11$810,63412−$1.79M12
Total debt$4.19M16$287,16717$3.81M17$410,99818—
Cash & equivalents$750,65819$93,48720$208,72421$180,33521$118,95621
Diluted shares24.8M59.5M7.3M7.3M8.1M

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
−$2.69
your share of equity
Profit it earned you last year
−$33.46
Free cash flow it threw off
−$2.22
Debt you’d be carrying
—

10 shares is a claim on −$2.69 of net worth that earned you −$33.46 and generated −$2.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 5y
FY21 -14%FY22 -28%FY23 -62%FY24 -17%FY25 —

It earned an average -30% 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
−67% shares · 5y

Share count is down 67% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 90% — deleveraging.

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. 10-K · period ending 2021-12-31 · accession 0001213900-23-025301 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-108605 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-031064 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-037637 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-025301 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-108605 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-031064 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037637 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-025301 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-108605 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-031064 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037637 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-025301 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-031064 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-037637 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-025301 (LongTermDebt)
  17. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-108605 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-25-031064 (LongTermDebt)
  19. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-018705 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001213900-25-031064 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2023-12-31 · accession 0001213900-26-037637 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)