MeritValue

Yueda Digital Holding

YDKGdata completeness 75%17 fiscal years on file
The thesis, from the filings

Yueda Digital Holding earns about -19% on invested capital, and has bought back 67% of its shares over 5 years. 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$9.19M1$2.77M2$928,0002$386,0002$28.2M3
Net income−$17.3M4−$13.3M5−$574,0006−$13.7M6−$28.1M6
Operating cash flow−$4.98M7$614,0008−$1.82M9$22.7M9$7.05M9
Capital expenditure$010$010$010$24.3M11—
Free cash flow (derived)−$4.98M7$614,0008−$1.82M9−$1.56M9—
Total debt$15.2M12$12.8M13$013——
Cash & equivalents$1.3M14$2.5M14$150,00015$2,00016$999,00016
Diluted shares4.4M7.8M65,713111,9971.5M

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
$2,139.45
your share of equity
Profit it earned you last year
−$192.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2,139.45 of net worth that earned you −$192.63 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 -45%FY22 -10%FY23 -6%FY24 -17%FY25 -20%

It earned an average -19% 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
−67% shares · 5y

Share count is down 67% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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 0001104659-24-052241 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-039326 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-12-31 · accession 0001213900-26-050194 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-052241 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-039326 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050194 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-052241 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-039326 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-050194 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-052241 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-26-050194 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001410578-22-001485 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2022-12-31 · accession 0001104659-24-052241 (ShortTermBorrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001104659-24-052241 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-25-039326 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-050194 (CashAndCashEquivalentsAtCarryingValue)