Scienjoy Holding Corp
SJdata completeness 88%7 fiscal years on fileData notes: no data for concept 'interestExpense'
Scienjoy Holding Corp earns about -25% on invested capital, below its ~9% cost of capital, but has diluted owners by 35% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.35 and $4.46 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $262M1 | $283.2M2 | $206.3M3 | $186.8M4 | $177.5M5 |
| Net income | $26.7M6 | $28.3M7 | −$4.34M8 | $5.44M9 | −$84M10 |
| Operating cash flow | $18.3M11 | $8.35M12 | $14.5M13 | $9.42M14 | $10.1M15 |
| Capital expenditure | $218,00016 | $312,00017 | $69,00018 | $135,00019 | $120,00020 |
| Free cash flow (derived) | $18M11 | $8.03M12 | $14.4M13 | $9.28M14 | $9.96M15 |
| Total debt | $1.26M21 | $2.18M22 | $2.28M23 | — | — |
| Cash & equivalents | $37.8M24 | $25.4M25 | $28.9M26 | $34.6M27 | $44M28 |
| Diluted shares | 30.8M | 39.3M | 40.6M | 41.6M | 41.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $21.07 of net worth that earned you −$20.1 and generated $2.38 of cash last year.
It earned about -25% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 35% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 82% 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.
The 3 estimate methods that apply put fair value between $1.35 and $4.46 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$9.96M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$9.96M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$5.44M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.46 |
| Base | 0.0% | $4.46 |
| Bull | 5.0% | $5.29 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (Revenues)
- 20-F · period ending 2024-12-31 · accession 0001213900-25-033951 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-047123 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0001213900-25-033951 (NetIncomeLoss)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-047123 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001213900-25-033951 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-047123 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001213900-25-033951 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-047123 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (LongTermDebt)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (LongTermDebt)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (LongTermDebt)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-027184 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001213900-23-033466 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001213900-24-036648 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001213900-25-033951 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001213900-26-047123 (CashAndCashEquivalentsAtCarryingValue)