MeritValue

VANJIA CORP

VNJAdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

VANJIA CORP earns about 9% on equity, with a roughly flat share count. 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$34,1601—$82,7202——
Net income$1,7873−$11,4124$73,4195−$13,9436−$10,3006
Operating cash flow$1,7877−$11,4128$4,4349$50,32110−$10,30010
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$29,54611$18,13412$22,56813$72,88914$62,58914
Diluted shares30.0M30.0M30.0M30.0M30.0M

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
$0.02
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.02 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on equity
9% avg · 5y
FY21 0%FY22 -2%FY23 80%FY24 -18%FY25 -15%

It earned an average 9% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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. 10-K · period ending 2021-12-31 · accession 0001017386-23-000078 (Revenues)
  2. 10-K/A · period ending 2023-12-31 · accession 0001017386-25-000060 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001017386-23-000078 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001017386-24-000046 (NetIncomeLoss)
  5. 10-K/A · period ending 2023-12-31 · accession 0001017386-25-000060 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001017386-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001017386-23-000078 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001017386-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001017386-25-000060 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001017386-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001017386-23-000078 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001017386-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K/A · period ending 2023-12-31 · accession 0001017386-25-000060 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001017386-26-000019 (CashAndCashEquivalentsAtCarryingValue)