MeritValue

Cloopen Group Holding Ltd

RAASYdata completeness 88%6 fiscal years on file
The thesis, from the filings

Cloopen Group Holding Ltd earns about -44% on invested capital, but has diluted owners by 10% 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$118.1M1$86.1M2$80.4M3$78.6M4$76.6M5
Net income−$141.8M6−$141.3M7−$57.7M8−$19.6M9−$34.2M10
Operating cash flow−$37.4M11−$82.2M12−$72.7M13−$24.7M14−$33M15
Capital expenditure$1.16M16$845,00017$114,00018$396,00019$113,00020
Free cash flow (derived)−$38.5M11−$83.1M12−$72.8M13−$25.1M14−$33.2M15
Total debt$2.12M21————
Cash & equivalents$103M22$76.4M23$53.2M24$87.7M25$46.4M26
Diluted shares294.8M321.9M321.9M322.9M323.1M

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
$3.72
your share of equity
Profit it earned you last year
−$1.06
Free cash flow it threw off
−$1.03
Debt you’d be carrying
—

10 shares is a claim on $3.72 of net worth that earned you −$1.06 and generated −$1.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-44% avg · 5y
FY21 -42%FY22 -74%FY23 -40%FY24 -27%FY25 -37%

It earned an average -44% 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
+10% shares · 5y

Share count is up 10% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0000950170-24-020632 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001493152-24-033941 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001641172-25-000214 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001493152-25-012590 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-021875 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0000950170-24-020632 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001493152-24-033941 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001641172-25-000214 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001493152-25-012590 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-021875 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0000950170-24-020632 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001493152-24-033941 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001641172-25-000214 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001493152-25-012590 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-021875 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0000950170-24-020632 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001493152-24-033941 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001641172-25-000214 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001493152-25-012590 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001493152-26-021875 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0000950170-24-020632 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2021-12-31 · accession 0000950170-24-020632 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2022-12-31 · accession 0001493152-24-033941 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2023-12-31 · accession 0001641172-25-000214 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2024-12-31 · accession 0001493152-25-012590 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2025-12-31 · accession 0001493152-26-021875 (CashAndCashEquivalentsAtCarryingValue)