MeritValue

Viomi Technology Co., Ltd

VIOTdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Viomi Technology Co., Ltd earns about 4% on invested capital, below its ~9% cost of capital, and has bought back 4% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.42 and $1.57 a share.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$832.3M1$468.7M2$351.2M3$290.3M4$347.2M5
Net income$13.9M6−$39.9M7−$11.9M8$8.54M9$20.3M10
Operating cash flow$48.5M11−$41.2M12−$14.5M13$98.1M14$22.1M15
Capital expenditure$15.6M16$28.4M17$15.5M18$3.92M19$5.89M20
Free cash flow (derived)$32.9M11−$69.6M12−$30.1M13$94.2M14$16.2M15
Total debt$2.53M21$19.5M22$36.2M23$21.3M24$16.7M25
Cash & equivalents$92.1M26$106.9M27$69.3M28$140.6M29$115.3M30
Diluted shares220.7M210.3M207.7M206.7M210.9M

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
$10.35
your share of equity
Profit it earned you last year
$0.96
Free cash flow it threw off
$0.77
Debt you’d be carrying
$0.79

10 shares is a claim on $10.35 of net worth that earned you $0.96 and generated $0.77 of cash last year, against $0.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 8%FY22 -25%FY23 -6%FY24 25%FY25 17%

It earned about 4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 561% 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

The 3 estimate methods that apply put fair value between $0.42 and $1.57 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$1.48
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$16.2M
DCF · Growth Exit 5Y
$1.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$16.2M
Earnings Power Value
$0.42
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.54M
  • growthAssumed0.0%
Graham Number
$1.53
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.57
The three cases
Bear0.0%$1.57
Base0.0%$1.57
Bull5.0%$1.83

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (ProfitLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (LongTermDebtNoncurrent)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (LongTermDebtNoncurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (LongTermDebtNoncurrent)
  25. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (LongTermDebtNoncurrent)
  26. 20-F · period ending 2021-12-31 · accession 0001564590-22-016090 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001104659-23-049651 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001104659-24-051949 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001104659-25-094717 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001493152-26-018435 (CashAndCashEquivalentsAtCarryingValue)