MeritValue

SHARING ECONOMY INTERNATIONAL INC.

SEIIdata completeness 63%16 fiscal years on file
The thesis, from the filings

SHARING ECONOMY INTERNATIONAL INC. earns about 47% on invested capital, but has diluted owners by 453% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$237,7561$317,3161———
Net income−$3.89M2−$4.13M3$25.6M4−$85,5285−$24,3885
Operating cash flow−$1.49M6−$1.66M7−$82,7038−$85,5289−$24,3889
Capital expenditure$47,72210$7,94910———
Free cash flow (derived)−$1.54M6−$1.67M7———
Total debt$4.82M11$5.37M11———
Cash & equivalents$66,27312$32,77213$1,55714$1,55414$263,14714
Diluted shares221.0M303.3M1.22B1.22B1.22B

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
$0.12
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.12 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on invested capital
47% avg · 5y
FY21 —FY22 —FY23 143%FY24 -0%FY25 -0%

It earned an average 47% 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
+453% shares · 5y

Share count is up 453% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 11% 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.

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. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (Revenues)
  2. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-26-048442 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-26-052001 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-053468 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-26-048442 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-26-052001 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-053468 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (LongTermDebtNoncurrent)
  12. 10-K/A · period ending 2021-12-31 · accession 0001213900-26-039839 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-26-052001 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-26-053468 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)