MeritValue

SOS Ltd

SOSdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

SOS Ltd earns about -37% on invested capital, and has bought back 99% of its shares over 5 years. 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$290.8M1$260M2$92.4M3$231.4M3$154.3M3
Net income−$49.3M4−$229.4M5−$3.65M6−$13.6M6−$97.3M6
Operating cash flow−$218.6M7−$72.9M8$9.71M9−$72.9M9−$246.5M9
Capital expenditure—$16M10——$38,00011
Free cash flow (derived)—−$88.9M8——−$246.5M9
Total debt—————
Cash & equivalents$327.1M12$259.5M13$279.2M14$228.1M15$3.23M15
Diluted shares2.78B77.6M906,4233.0M16.2M

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
$261.66
your share of equity
Profit it earned you last year
−$60.18
Free cash flow it threw off
−$152.45
Debt you’d be carrying
—

10 shares is a claim on $261.66 of net worth that earned you −$60.18 and generated −$152.45 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY21 —FY22 -121%FY23 -3%FY24 -6%FY25 -18%

It earned an average -37% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001213900-24-043545 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-044183 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-057725 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-043545 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-044183 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-057725 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-043545 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-044183 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-057725 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-044183 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2025-12-31 · accession 0001213900-26-057725 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001213900-23-041000 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-043545 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-25-044183 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-26-057725 (CashAndCashEquivalentsAtCarryingValue)