MeritValue

Ryde Group Ltd

RYDEdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ryde Group Ltd earns about -263% on equity, but has diluted owners by 244% over 3 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 2023FY 2024FY 2025
Revenue$6.57M1$6.55M2$9.73M3
Net income−$9.72M4−$13.7M5−$13.6M6
Operating cash flow−$1.22M7−$8.59M8−$18.3M9
Capital expenditure$2,00010$20,00011$3,00012
Free cash flow (derived)−$1.23M7−$8.61M8−$18.3M9
Total debt———
Cash & equivalents$1.28M13$4.04M14$3.89M15
Diluted shares13.0M21.3M44.8M

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
$5.53
your share of equity
Profit it earned you last year
−$3.03
Free cash flow it threw off
−$4.09
Debt you’d be carrying
—

10 shares is a claim on $5.53 of net worth that earned you −$3.03 and generated −$4.09 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-263% avg · 3y
FY23 —FY24 -470%FY25 -55%

It earned an average -263% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+244% shares · 3y

Share count is up 244% over 3 years — owners have been diluted. Worth asking what they got for it.

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 2023-12-31 · accession 0001493152-24-016793 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001641172-25-006342 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-12-31 · accession 0001493152-26-018829 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-24-016793 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-006342 (NetIncomeLoss)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-018829 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001493152-24-016793 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-12-31 · accession 0001641172-25-006342 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-12-31 · accession 0001493152-26-018829 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001493152-24-016793 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-006342 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-018829 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001493152-24-016793 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2024-12-31 · accession 0001641172-25-006342 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-018829 (CashAndCashEquivalentsAtCarryingValue)