MeritValue

XChange TEC.INC

XHGdata completeness 88%7 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$145.8M1$79.5M2—$41.1M3$51.3M4
Net income−$88.3M5$115.3M6−$9.77M7−$32.3M8−$105.1M9
Operating cash flow−$17M10−$5.57M11−$5.46M12−$1.39M13−$1.64M14
Capital expenditure—————
Free cash flow (derived)—————
Total debt$117.9M15$15.5M16$6.09M17$4.57M18$4.57M19
Cash & equivalents$2.53M20$390,00021$49,00022$1.15M23$1.53M24
Diluted shares146.07B1025.84B28.1M238.2M50.25B

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
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
$0

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

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
−66% shares · 5y

Share count is down 66% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 96% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2021-09-30 · accession 0001564590-22-005203 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-09-30 · accession 0000950170-23-000984 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-09-30 · accession 0001213900-25-005499 (Revenues)
  4. 20-F · period ending 2025-09-30 · accession 0001213900-26-004379 (Revenues)
  5. 20-F · period ending 2021-09-30 · accession 0001564590-22-005203 (NetIncomeLoss)
  6. 20-F · period ending 2022-09-30 · accession 0000950170-23-000984 (NetIncomeLoss)
  7. 20-F · period ending 2023-09-30 · accession 0001213900-24-011806 (ProfitLoss)
  8. 20-F · period ending 2024-09-30 · accession 0001213900-25-005499 (ProfitLoss)
  9. 20-F · period ending 2025-09-30 · accession 0001213900-26-004379 (NetIncomeLoss)
  10. 20-F · period ending 2021-09-30 · accession 0001564590-22-005203 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2022-09-30 · accession 0000950170-23-000984 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2023-09-30 · accession 0001213900-24-011806 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2024-09-30 · accession 0001213900-25-005499 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2025-09-30 · accession 0001213900-26-004379 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2021-09-30 · accession 0001564590-22-005203 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2022-09-30 · accession 0000950170-23-000984 (DebtCurrent)
  17. 20-F · period ending 2023-09-30 · accession 0001213900-24-011806 (ShortTermBorrowings)
  18. 20-F · period ending 2024-09-30 · accession 0001213900-25-005499 (ShortTermBorrowings)
  19. 20-F · period ending 2025-09-30 · accession 0001213900-26-004379 (ShortTermBorrowings)
  20. 20-F · period ending 2021-09-30 · accession 0001564590-22-005203 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F · period ending 2022-09-30 · accession 0000950170-23-000984 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2023-09-30 · accession 0001213900-24-011806 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2024-09-30 · accession 0001213900-25-005499 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2025-09-30 · accession 0001213900-26-004379 (CashAndCashEquivalentsAtCarryingValue)