MeritValue

Ruanyun Edai Technology Inc.

RYETdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Ruanyun Edai Technology Inc. earns about -487% on equity, but has diluted owners by 14% 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 2024FY 2025FY 2026
Revenue$9.15M1$6.69M2$7.48M2
Net income−$2.01M3−$396,5624−$7.85M4
Operating cash flow−$799,4475−$1.82M6−$9.15M6
Capital expenditure$4,3957$144,3668$64,5738
Free cash flow (derived)−$803,8425−$1.96M6−$9.22M6
Total debt———
Cash & equivalents$1.23M9$798,9589$4.08M9
Diluted shares30.0M30.0M34.2M

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
$1.66
your share of equity
Profit it earned you last year
−$2.29
Free cash flow it threw off
−$2.69
Debt you’d be carrying
—

10 shares is a claim on $1.66 of net worth that earned you −$2.29 and generated −$2.69 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-487% avg · 3y
FY24 -835%FY25 —FY26 -138%

It earned an average -487% 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
+14% shares · 3y

Share count is up 14% 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 v0.5.0
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 2024-03-31 · accession 0001731122-25-001057 (Revenues)
  2. 20-F · period ending 2025-03-31 · accession 0001731122-26-000996 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001731122-25-001057 (NetIncomeLoss)
  4. 20-F · period ending 2025-03-31 · accession 0001731122-26-000996 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001731122-25-001057 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-03-31 · accession 0001731122-26-000996 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-03-31 · accession 0001731122-25-001057 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-03-31 · accession 0001731122-26-000996 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001731122-26-000996 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)