MeritValue

Baijiayun Group Ltd

RTCJFdata completeness 100%17 fiscal years on file
The thesis, from the filings

Baijiayun Group Ltd earns about -81% on invested capital, and has bought back 68% 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$62.3M1$68.6M2$82.2M3$59.8M3$42.5M3
Net income$14M4−$12.6M5−$6.7M6−$83.1M6−$18.7M6
Operating cash flow$12.5M7−$17.8M8−$10.6M9−$6.5M9−$8.08M9
Capital expenditure$1.25M10$544,33611$63,45712$1,38312$19,37012
Free cash flow (derived)$11.3M7−$18.4M8−$10.7M9−$6.5M9−$8.1M9
Total debt$10.2M13$149,29614$22.8M15$8.53M16$9.77M16
Cash & equivalents$39.3M17$16.6M18$11.2M19$8.7M19$8.68M19
Diluted shares3.3M6.9M746,343962,7721.0M

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
$125.03
your share of equity
Profit it earned you last year
−$180.65
Free cash flow it threw off
−$78.35
Debt you’d be carrying
$94.54

10 shares is a claim on $125.03 of net worth that earned you −$180.65 and generated −$78.35 of cash last year, against $94.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-81% avg · 5y
FY21 71%FY22 —FY23 -5%FY24 -262%FY25 -129%

It earned an average -81% 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
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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 0001410578-22-001067 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-06-30 · accession 0001213900-24-090526 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-06-30 · accession 0001213900-25-103210 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001410578-22-001067 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001410578-23-000035 (NetIncomeLoss)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-103210 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001410578-22-001067 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001213900-24-090526 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-06-30 · accession 0001213900-25-103210 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-22-001067 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-06-30 · accession 0001213900-24-090526 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-06-30 · accession 0001213900-25-103210 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-22-001067 (ShortTermBorrowings)
  14. 20-F · period ending 2022-06-30 · accession 0001213900-24-003768 (ShortTermBorrowings)
  15. 20-F · period ending 2023-06-30 · accession 0001213900-24-090526 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-06-30 · accession 0001213900-25-103210 (ShortTermBorrowings)
  17. 20-F · period ending 2021-12-31 · accession 0001410578-22-001067 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-06-30 · accession 0001213900-24-090526 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-06-30 · accession 0001213900-25-103210 (CashAndCashEquivalentsAtCarryingValue)