MeritValue

China SXT Pharmaceuticals, Inc.

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

China SXT Pharmaceuticals, Inc. earns about -352% on invested capital, but has diluted owners by 1534% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$2.6M1$1.97M2$1.93M3$1.74M3$1.14M3
Net income−$5.74M4−$5.93M5−$3.1M6−$3.3M6−$6.21M6
Operating cash flow$268,2937−$80,7578−$1.93M9−$2.35M9−$4.02M9
Capital expenditure——$7,06310$2,02310—
Free cash flow (derived)——−$1.94M9−$2.35M9—
Total debt$22,80811$293,17812$1.26M13$1.61M14$999,56514
Cash & equivalents$15.6M15$17.4M16$12.1M17$18.1M18$28.2M18
Diluted shares41,59133,3727239,489679,648

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
$437.1
your share of equity
Profit it earned you last year
−$91.3
Free cash flow it threw off
—
Debt you’d be carrying
$14.71

10 shares is a claim on $437.1 of net worth that earned you −$91.3 last year, against $14.71 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-352% avg · 5y
FY22 -791%FY23 —FY24 -73%FY25 —FY26 -194%

It earned an average -352% 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
+1534% shares · 5y

Share count is up 1534% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 4283% 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
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 2022-03-31 · accession 0001213900-24-068266 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-069688 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-074310 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2022-03-31 · accession 0001213900-24-068266 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-069688 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-074310 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001213900-24-068266 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-25-069688 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-26-074310 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0001213900-26-074310 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-03-31 · accession 0001213900-23-061294 (LongTermDebtCurrent)
  12. 20-F · period ending 2023-03-31 · accession 0001213900-24-068266 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-03-31 · accession 0001213900-25-069688 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2025-03-31 · accession 0001213900-26-074310 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2022-03-31 · accession 0001213900-25-069688 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2023-03-31 · accession 0001213900-24-068266 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-03-31 · accession 0001213900-25-069688 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2025-03-31 · accession 0001213900-26-074310 (CashAndCashEquivalentsAtCarryingValue)