MeritValue

Planet Image International Ltd

YIBOdata completeness 100%5 fiscal years on file
The thesis, from the filings

Planet Image International Ltd earns about 25% on invested capital, but has diluted owners by 35% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.29 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$141.5M1$142.1M2$150.2M3$149.8M3$155.2M3
Net income$4.92M4$7.24M5$7.77M6$7.11M6−$8.25M6
Operating cash flow$6.43M7$7.45M8$17.9M9−$2.15M9−$2.44M9
Capital expenditure$1.88M10$1.18M11$995,00012$1.13M12$825,00012
Free cash flow (derived)$4.55M7$6.27M8$16.9M9−$3.27M9−$3.27M9
Total debt—$31M13$26.2M14$23.4M14$17M15
Cash & equivalents$41.2M16$36.8M17$45.1M18$43M18$52.9M18
Diluted shares42.1M42.1M42.1M52.9M57.0M

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
$10.16
your share of equity
Profit it earned you last year
−$1.45
Free cash flow it threw off
−$0.57
Debt you’d be carrying
$2.98

10 shares is a claim on $10.16 of net worth that earned you −$1.45 and generated −$0.57 of cash last year, against $2.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
25% avg · 5y
FY21 —FY22 44%FY23 58%FY24 19%FY25 -22%

It earned an average 25% 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
+35% shares · 5y

Share count is up 35% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 45% — 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
$1.29
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$7.11M
  • growthAssumed0.0%
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 0001213900-24-037184 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001013762-25-004359 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-037444 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037184 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001013762-25-004359 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-037444 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037184 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001013762-25-004359 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-037444 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-037184 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001013762-25-004359 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-037444 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-037184 (ShortTermBorrowings)
  14. 20-F · period ending 2023-12-31 · accession 0001013762-25-004359 (ShortTermBorrowings)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-037444 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2021-12-31 · accession 0001013762-25-004359 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-24-037184 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-26-037444 (CashAndCashEquivalentsAtCarryingValue)