MeritValue

Uxin Ltd

UXINdata completeness 88%7 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$100.3M1$258.1M2$299.8M3$190.4M4$463.3M5
Net income−$64.3M6−$22.6M7−$20M8−$51.6M9−$37.5M10
Operating cash flow−$171.3M11−$133.3M12−$36.6M13−$36.3M14−$72.1M15
Capital expenditure$63,00016$2.94M17$4.83M18$1.76M19$3.07M20
Free cash flow (derived)−$171.4M11−$136.2M12−$41.4M13−$38.1M14−$75.2M15
Total debt—$36.8M21$45.4M22$40.4M23—
Cash & equivalents$29.4M24$20.2M25$13.5M26$3.23M27$11.9M28
Diluted shares1.33B1.35B1.34B2.19B62.76B

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
−$0.01
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on −$0.01 of net worth that earned you −$0.01 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+4615% shares · 5y

Share count is up 4615% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 10% 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
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 2021-03-31 · accession 0001104659-21-098224 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-020425 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-03-31 · accession 0001104659-21-098224 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (NetIncomeLoss)
  8. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (NetIncomeLoss)
  9. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-020425 (ProfitLoss)
  11. 20-F · period ending 2021-03-31 · accession 0001104659-21-098224 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-020425 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-03-31 · accession 0001104659-21-098224 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001493152-26-020425 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (LongTermDebtCurrent)
  22. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (LongTermDebtCurrent)
  24. 20-F · period ending 2021-03-31 · accession 0001104659-21-098224 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-03-31 · accession 0000950170-22-013561 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2023-03-31 · accession 0000950170-23-042446 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2024-03-31 · accession 0001493152-24-029702 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-12-31 · accession 0001493152-26-020425 (CashAndCashEquivalentsAtCarryingValue)