ATRenew Inc.
REREdata completeness 88%5 fiscal years on fileData notes: no data for concept 'revenue'
ATRenew Inc. earns about -18% on invested capital, below its ~9% cost of capital, but has diluted owners by 68% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.89 and $3.04 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$128.1M1 | −$357.8M2 | −$22M3 | −$1.13M4 | $48.1M5 |
| Operating cash flow | −$159.7M6 | $127.8M7 | $34.4M8 | $88.1M9 | −$59.3M10 |
| Capital expenditure | $11.6M11 | $8.91M12 | $12M13 | $8.2M14 | $20.6M15 |
| Free cash flow (derived) | −$171.3M6 | $118.9M7 | $22.4M8 | $79.9M9 | −$79.9M10 |
| Total debt | $14.9M16 | $18M17 | $49.3M18 | $30.8M19 | $46.2M20 |
| Cash & equivalents | $212.8M21 | $247M22 | $278.7M23 | $269.9M24 | $219.9M25 |
| Diluted shares | 96.3M | 162.8M | 162.2M | 161.6M | 162.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $35.18 of net worth that earned you $2.96 and generated −$4.93 of cash last year, against $2.85 of debt.
It earned about -18% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 68% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 210% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $2.89 and $3.04 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$22.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$22.4M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.04 |
| Base | 0.0% | $3.04 |
| Bull | 5.0% | $3.52 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001564590-22-016124 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-013162 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0000950170-24-043854 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0000950170-25-053014 (NetIncomeLoss)
- 20-F · period ending 2025-12-31 · accession 0001193125-26-146260 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001564590-22-016124 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-013162 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0000950170-24-043854 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0000950170-25-053014 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001193125-26-146260 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001564590-22-016124 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-013162 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0000950170-24-043854 (PaymentsToAcquirePropertyPlantAndEquipment)
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- 20-F · period ending 2025-12-31 · accession 0001193125-26-146260 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001564590-22-016124 (ShortTermBorrowings)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-013162 (ShortTermBorrowings)
- 20-F · period ending 2023-12-31 · accession 0000950170-24-043854 (ShortTermBorrowings)
- 20-F · period ending 2024-12-31 · accession 0000950170-25-053014 (ShortTermBorrowings)
- 20-F · period ending 2025-12-31 · accession 0001193125-26-146260 (ShortTermBorrowings)
- 20-F · period ending 2021-12-31 · accession 0001564590-22-016124 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0000950170-23-013162 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0000950170-24-043854 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0000950170-25-053014 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001193125-26-146260 (CashAndCashEquivalentsAtCarryingValue)