MeritValue

QUHUO Ltd

QHdata completeness 100%6 fiscal years on file
The thesis, from the filings

QUHUO Ltd earns about -11% on invested capital, but has diluted owners by 3075% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$631.7M1$553.9M2$521.5M3$417.4M4$361.2M5
Net income−$24.8M6−$1.9M7$469,0008$371,0009−$21.4M10
Operating cash flow−$4.85M11$10.8M12−$13.7M13−$2.02M14−$5.43M15
Capital expenditure$1.46M16$675,00017$20,00018$127,00019$208,00020
Free cash flow (derived)−$6.31M11$10.2M12−$13.7M13−$2.15M14−$5.63M15
Total debt$24.7M21$9.99M22$28.6M23$32.6M24$16.3M25
Cash & equivalents$4.49M26$13.8M27$6.36M28$8.66M29$5.49M30
Diluted shares43.9M56.0M55.5M416.0M1.39B

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
$0.36
your share of equity
Profit it earned you last year
−$0.15
Free cash flow it threw off
−$0.04
Debt you’d be carrying
$0.12

10 shares is a claim on $0.36 of net worth that earned you −$0.15 and generated −$0.04 of cash last year, against $0.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 -23%FY22 1%FY23 1%FY24 -2%FY25 -33%

It earned an average -11% 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
+3075% shares · 5y

Share count is up 3075% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 34% — 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. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (NetIncomeLoss)
  9. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (LongTermDebtNoncurrent)
  24. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (LongTermDebt)
  26. 20-F · period ending 2021-12-31 · accession 0001193125-22-241962 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001104659-23-047732 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001104659-24-048002 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001886 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001213900-26-039520 (CashAndCashEquivalentsAtCarryingValue)