MeritValue

Sentage Holdings Inc.

SNTGdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Sentage Holdings Inc. earns about -17% on invested capital, but has diluted owners by 18% 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$2.26M1$161,3722$146,5543$107,5073$68,9093
Net income−$1.09M4−$2.56M5−$1.9M6−$2M6−$2.28M6
Operating cash flow−$382,6647−$6.68M8−$1.83M9−$1.75M9−$1.31M9
Capital expenditure$19,97710$34,34611$23,43312——
Free cash flow (derived)−$402,6417−$6.71M8−$1.85M9——
Total debt—————
Cash & equivalents$10.8M13$3.81M14$2.26M15$1.26M16$477,62416
Diluted shares2.4M2.4M2.8M2.8M2.8M

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
$28.1
your share of equity
Profit it earned you last year
−$8.12
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $28.1 of net worth that earned you −$8.12 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 -8%FY22 -20%FY23 -15%FY24 -18%FY25 -24%

It earned an average -17% 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
+18% shares · 5y

Share count is up 18% over 5 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 2021-12-31 · accession 0001213900-24-036724 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-042842 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-050210 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-036724 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-042842 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050210 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-036724 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-042842 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-050210 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-23-034793 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-036724 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-042842 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-034793 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-036724 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-25-042842 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-050210 (CashAndCashEquivalentsAtCarryingValue)