MeritValue

Rubber Leaf Inc

RLEAdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Rubber Leaf Inc earns about -140% on invested capital, with a roughly flat share count. 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$2.98M1$5.26M2$1.4M3$5,2453$4.9M4
Net income−$3.17M5$757,3816−$1.4M7−$2.2M8$2.87M8
Operating cash flow$2.18M9$1.25M10−$84,07811−$508,42912−$153,84612
Capital expenditure—————
Free cash flow (derived)—————
Total debt$3.02M13$2.4M13———
Cash & equivalents$50,50014$2.68M15$2.23M16$2.36M16—
Diluted shares40.6M41.0M41.0M41.1M41.1M

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
$0.07
your share of equity
Profit it earned you last year
$0.7
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.07 of net worth that earned you $0.7 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-140% avg · 5y
FY21 -78%FY22 173%FY23 —FY24 —FY25 -514%

It earned an average -140% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 21% — 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.1
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010221 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-014634 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000072 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-005480 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010221 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-014634 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000072 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-005480 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010221 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-014634 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000072 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-005480 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010221 (ShortTermBorrowings)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010221 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-014634 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-000072 (CashAndCashEquivalentsAtCarryingValue)