MeritValue

YXT.COM GROUP HOLDING Ltd

YXTdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

YXT.COM GROUP HOLDING Ltd earns about -117% on invested capital, but has diluted owners by 8% over 2 years — worth asking whether the growth reaches owners. 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 2024FY 2025
Revenue$45.4M1$48.7M2
Net income−$12.6M3−$22.7M4
Operating cash flow−$29M5−$20.9M6
Capital expenditure$232,0007$227,0008
Free cash flow (derived)−$29.2M5−$21.1M6
Total debt—$21.1M9
Cash & equivalents$57.3M10$16.4M11
Diluted shares168.2M181.8M

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
$0.59
your share of equity
Profit it earned you last year
−$1.25
Free cash flow it threw off
−$1.16
Debt you’d be carrying
$1.16

10 shares is a claim on $0.59 of net worth that earned you −$1.25 and generated −$1.16 of cash last year, against $1.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-117% avg · 2y
FY24 —FY25 -117%

It earned an average -117% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 2y

Share count is up 8% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001193125-25-092148 (Revenues)
  2. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001193125-25-092148 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001193125-25-092148 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001193125-25-092148 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2024-12-31 · accession 0001193125-25-092148 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2025-12-31 · accession 0001104659-26-051465 (CashAndCashEquivalentsAtCarryingValue)