MeritValue

111, Inc.

YIdata completeness 100%8 fiscal years on file
The thesis, from the filings

The estimate methods put fair value between $1.94 and $2.08 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$1.95B1$1.96B2$2.11B3$1.97B4$1.8B5
Net income−$97.5M6−$54.5M7−$49.8M8−$2.85M9−$3.22M10
Operating cash flow−$108.1M11−$3.36M12−$63M13$36M14$17M15
Capital expenditure$9.82M16$4.58M17$1.38M18$2.08M19$636,00020
Free cash flow (derived)−$117.9M11−$7.93M12−$64.4M13$34M14$16.4M15
Total debt$40.7M21$26M22$47.6M23$22.1M24$26.8M25
Cash & equivalents$103.8M26$97.7M27$85M28$63.3M29$73.1M30
Diluted shares165.9M166.6M168.6M171.8M174.0M

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
−$5.77
your share of equity
Profit it earned you last year
−$0.18
Free cash flow it threw off
$0.94
Debt you’d be carrying
$1.54

10 shares is a claim on −$5.77 of net worth that earned you −$0.18 and generated $0.94 of cash last year, against $1.54 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 34% — 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

The 2 estimate methods that apply put fair value between $1.94 and $2.08 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$2.08
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$16.4M
DCF · Growth Exit 5Y
$1.94
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$16.4M
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 →

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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.94
The three cases
Bear0.0%$1.61
Base5.0%$1.94
Bull10.0%$2.33

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

Default growth 5.0%= 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 0001104659-22-052772 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-22-052772 (ProfitLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (ProfitLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (ProfitLoss)
  9. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (ProfitLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (ProfitLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001104659-22-052772 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-22-052772 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001104659-22-052772 (ShortTermBorrowings)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (ShortTermBorrowings)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (ShortTermBorrowings)
  24. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (ShortTermBorrowings)
  25. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (ShortTermBorrowings)
  26. 20-F · period ending 2021-12-31 · accession 0001104659-22-052772 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001104659-23-051944 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001104659-24-060922 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F/A · period ending 2024-12-31 · accession 0001410578-25-001911 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001104659-26-052002 (CashAndCashEquivalentsAtCarryingValue)