MeritValue

SS Innovations International, Inc.

SSIIdata completeness 88%10 fiscal years on file
The thesis, from the filings

SS Innovations International, Inc. earns about -218% on invested capital, but has diluted owners by 598% 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—$1.44M1$5.88M1$20.6M2$42.5M2
Net income−$1.48M3−$3.21M4−$20.9M5−$19.2M6−$12.1M6
Operating cash flow−$363,0347−$5.99M8−$15.4M9−$9.5M10−$18.5M10
Capital expenditure—$220,32411$453,32712$661,47913$3.66M13
Free cash flow (derived)—−$6.21M8−$15.8M9−$10.2M10−$22.2M10
Total debt—$1.18M14$1.02M15——
Cash & equivalents$405,77416$217,17717$2.02M18$466,50019$3.21M19
Diluted shares28.5M128.2M152.1M181.2M198.7M

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
$1.92
your share of equity
Profit it earned you last year
−$0.61
Free cash flow it threw off
−$1.12
Debt you’d be carrying
—

10 shares is a claim on $1.92 of net worth that earned you −$0.61 and generated −$1.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-218% avg · 5y
FY21 -652%FY22 —FY23 -86%FY24 -115%FY25 -18%

It earned an average -218% 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
+598% shares · 5y

Share count is up 598% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 14% — deleveraging.

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 2022-12-31 · accession 0001213900-24-110779 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-025440 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-025143 (NetIncomeLoss)
  4. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-110779 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-031773 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-025440 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-025143 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-110779 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-031773 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-025440 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-025140 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-031773 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-025440 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-110779 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-031773 (LongTermDebtCurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-22-069119 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-110779 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-25-031773 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-025440 (CashAndCashEquivalentsAtCarryingValue)