MeritValue

Jin Medical International Ltd.

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

Jin Medical International Ltd. earns about 16% on invested capital, but has diluted owners by 16% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.18 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$20.8M1$19.2M2$19.8M3$23.5M3$20.7M3
Net income$2.63M4$2.71M5$2.88M6$3.68M6$1.19M6
Operating cash flow$5.84M7$1.58M8$3.11M9−$1.21M9$2.9M9
Capital expenditure$42,88110$40,16611$113,93712$144,94912$6.63M12
Free cash flow (derived)$5.8M7$1.54M8$2.99M9−$1.35M9−$3.73M9
Total debt——$4.11M13$11.3M14$18.8M14
Cash & equivalents$3.67M15$4.79M16$6.93M16$8.14M16$7.46M16
Diluted shares135.0M135.0M145.1M156.5M156.5M

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
$1.89
your share of equity
Profit it earned you last year
$0.08
Free cash flow it threw off
−$0.24
Debt you’d be carrying
$1.2

10 shares is a claim on $1.89 of net worth that earned you $0.08 and generated −$0.24 of cash last year, against $1.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 25%FY22 28%FY23 14%FY24 11%FY25 3%

It earned an average 16% 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
+16% shares · 5y

Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 358% over the same window.

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
$0.18
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.71M
  • growthAssumed0.0%
Graham Number
$0.21
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-09-30 · accession 0001213900-24-036700 (Revenues)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-25-006519 (Revenues)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-26-013870 (Revenues)
  4. 20-F · period ending 2021-09-30 · accession 0001213900-24-036700 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001213900-25-006519 (NetIncomeLoss)
  6. 20-F · period ending 2023-09-30 · accession 0001213900-26-013870 (NetIncomeLoss)
  7. 20-F · period ending 2021-09-30 · accession 0001213900-24-036700 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0001213900-25-006519 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-09-30 · accession 0001213900-26-013870 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-09-30 · accession 0001213900-24-036700 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-09-30 · accession 0001213900-25-006519 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-09-30 · accession 0001213900-26-013870 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-09-30 · accession 0001213900-25-006519 (ShortTermBorrowings)
  14. 20-F · period ending 2024-09-30 · accession 0001213900-26-013870 (ShortTermBorrowings)
  15. 20-F · period ending 2021-09-30 · accession 0001213900-25-006519 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2022-09-30 · accession 0001213900-26-013870 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)