MeritValue

Ucommune International Ltd

UKdata completeness 88%6 fiscal years on file
The thesis, from the filings

Ucommune International Ltd earns about -1901% on invested capital, but has diluted owners by 651% 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$165.9M1$95.8M2$64.8M3$23.9M4$3.74M5
Net income−$339.4M6−$42.3M7−$686,0008−$11M9−$5.61M10
Operating cash flow−$31.2M11−$25.5M12$2.39M13$529,00014−$1.98M15
Capital expenditure$6.71M16$2.94M17$1.91M18$675,00019$1.04M20
Free cash flow (derived)−$38M11−$28.4M12$486,00013−$146,00014−$3.02M15
Total debt$9.87M21$768,00022———
Cash & equivalents$26M23$7.72M24$7.65M25$12.4M26$5.16M27
Diluted shares359,422367,293540,8361.2M2.7M

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
$67.98
your share of equity
Profit it earned you last year
−$20.8
Free cash flow it threw off
−$11.19
Debt you’d be carrying
—

10 shares is a claim on $67.98 of net worth that earned you −$20.8 and generated −$11.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1901% avg · 5y
FY21 -731%FY22 -8058%FY23 -165%FY24 -519%FY25 -31%

It earned an average -1901% 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
+651% shares · 5y

Share count is up 651% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 92% — 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. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-035928 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-036276 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-033208 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-24-035928 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-036276 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-033208 (ProfitLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-24-035928 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-036276 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-033208 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-24-035928 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-036276 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-033208 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (LongTermDebtCurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (LongTermDebtCurrent)
  23. 20-F · period ending 2021-12-31 · accession 0001213900-22-025243 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2022-12-31 · accession 0001213900-23-032476 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2023-12-31 · accession 0001213900-24-035928 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2024-12-31 · accession 0001213900-25-036276 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2025-12-31 · accession 0001213900-26-033208 (CashAndCashEquivalentsAtCarryingValue)