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JMIA, Jumia Technologies AG

E-Commerce & Marketplaces retail UnprofitableDistress / turnaround

Revenue is led by Sales of goods (50%) and Third-party sales (42%), with 2 more lines behind.

Latest annual: FY2025 20-F · 1 ADS = 2 ordinary shares

JMIA · Jumia Technologies AG

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$189M

+12.8% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $189M 5-yr avg $183M

Gross margin 54% 5-yr avg 58%

Operating margin −33.5% 5-yr avg −68.7%

Owner-earnings margin −28% 5-yr avg −67%

Free cash flow margin −28% 5-yr avg −67%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What it is: A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −99% through the cycle on a 58% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −174 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −136%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 5 lines, the largest Sales of goods at 50%.

Revenue by product line, FY2025

Sales of goods50%$95M
Third-party sales42%$80M
Marketing and advertising4%$8M
Value-added services2%$4M
Other revenue1%$2M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
								Income statement
$180M	$159M	$168M	$203M	$186M	$167M	$189M	$189M	RevenueRevenue
47%	68%	61%	58%	57%	59%	54%	54%	Gross marginGross mgn
($255M)	($170M)	($222M)	($202M)	($73M)	($66M)	($63M)	($63M)	Operating incomeOp. inc.
−142.1%	−106.9%	−132.2%	−99.3%	−39.3%	−39.4%	−33.5%	−33.5%	Operating marginOp. mgn
($254M)	($184M)	($227M)	($238M)	($104M)	($99M)	($62M)	($62M)	Net incomeNet inc.
								Cash flow & returns
($204M)	($112M)	($171M)	($240M)	($73M)	($57M)	($48M)	($48M)	Operating cash flowOp. cash
$9M	$9M	$10M	$12M	$10M	$8M	$8M	$8M	DepreciationDeprec.
$41M	$62M	$46M	($14M)	$21M	$34M	$6M	$6M	Working capital & otherWC & other
$6M	$2M	$7M	$11M	$2M	$4M	$5M	$5M	CapexCapex
3.5%	1.4%	4.3%	5.5%	1.2%	2.2%	2.5%	2.5%	Capex / revenueCapex/rev
($211M)	($115M)	($178M)	($251M)	($75M)	($61M)	($53M)	($53M)	Owner earningsOwner earn.
−117.4%	−72.0%	−106.4%	−123.6%	−40.4%	−36.3%	−27.8%	−27.8%	Owner earnings marginOE mgn
($211M)	($115M)	($178M)	($251M)	($75M)	($61M)	($53M)	($53M)	Free cash flowFCF
−117.4%	−72.0%	−106.4%	−123.6%	−40.4%	−36.3%	−27.8%	−27.8%	Free cash flow marginFCF mgn
-808%	—	-57%	-136%	-145%	-122%	—	—	ROICROIC
-124%	-67%	-55%	-136%	-150%	-114%	-234%	-234%	Return on equityROE
−124%	−67%	−55%	−136%	−150%	−114%	−234%	−234%	Retained to equityRetained/eq
								Balance sheet
$191M	$374M	$512M	$226M	$120M	$102M	$77M	$123M	Cash & investmentsCash+inv
$19M	$13M	$18M	$23M	$23M	$16M	$14M	$14M	ReceivablesReceiv.
$11M	$8M	$11M	$11M	$10M	$6M	$10M	$10M	InventoryInvent.
$63M	$76M	$76M	$64M	$55M	$44M	$58M	$58M	Accounts payablePayables
($33M)	($54M)	($47M)	($30M)	($23M)	($22M)	($34M)	($34M)	Operating working capitalOper. WC
$312M	$414M	$553M	$291M	$169M	$169M	$113M	$113M	Current assetsCur. assets
$120M	$150M	$155M	$143M	$118M	$96M	$99M	$99M	Current liabilitiesCur. liab.
2.6×	2.8×	3.6×	2.0×	1.4×	1.8×	1.1×	1.1×	Current ratioCurr. ratio
$333M	$436M	$578M	$330M	$190M	$192M	$134M	$134M	Total assetsAssets
$10M	$13M	$13M	$14M	$6M	$11M	$12M	$12M	Total debtDebt
($180M)	($361M)	($499M)	($212M)	($113M)	($91M)	($65M)	($112M)	Net debt / (cash)Net debt
-88.4×	-10.6×	-21.4×	-10.3×	-2.3×	-1.7×	-10.3×	-10.3×	Interest coverageInt. cov.
$205M	$275M	$413M	$175M	$69M	$87M	$26M	$26M	Shareholders’ equityEquity
								Per share
141M	161M	194M	200M	202M	220M	247M	247M	Shares out (diluted)Shares
$1.28	$0.99	$0.86	$1.01	$0.92	$0.76	$0.77	$0.77	Revenue / shareRev/sh
$-1.80	$-1.14	$-1.17	$-1.19	$-0.52	$-0.45	$-0.25	$-0.25	EPS (diluted)EPS
$-1.50	$-0.71	$-0.92	$-1.25	$-0.37	$-0.28	$-0.21	$-0.21	Owner earnings / shareOE/sh
$-1.50	$-0.71	$-0.92	$-1.25	$-0.37	$-0.28	$-0.21	$-0.21	Free cash flow / shareFCF/sh
$0.05	$0.01	$0.04	$0.06	$0.01	$0.02	$0.02	$0.02	Cap. spending / shareCapex/sh
$1.46	$1.71	$2.13	$0.87	$0.34	$0.39	$0.11	$0.11	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	−8.2%/yr	−5.1%/yr
Capital spending / share	−13.5%/yr	+5.9%/yr
Book value / share	−35.4%/yr	−42.6%/yr

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

247Mpeak FY2025

ROIC

−122%low FY2019

Gross margin

54%low FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($53M)owner earningsvs.($62M)net incomelow FY2022

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $62M loss into ($53M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($62M)	($99M)	($104M)	($238M)	($227M)
Depreciation & amortizationnon-cash charge added back	+$8M	+$8M	+$10M	+$12M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	+$6M	+$34M	+$21M	−$14M	+$46M
Cash from operations	($48M)	($57M)	($73M)	($240M)	($171M)
Capital expenditurecash put back in to keep running and to grow	−$5M	−$4M	−$2M	−$11M	−$7M
Owner earnings	($53M)	($61M)	($75M)	($251M)	($178M)
Owner-earnings marginowner earnings ÷ revenue	-28%	-36%	-40%	-124%	-106%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -10.3×

Does not cover its interest

Operating income ($63M) ÷ interest expense $6M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$112M

Net cash

Cash $77M + ST investments $47M − debt $12M

What this means
Cash and short-term investments exceed every dollar of debt by $112M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -174d

Negative, funded by others

DSO 27 + DIO 42 − DPO 243 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($39M) = debt $12M + equity $26M − cash

Industry peers: median -23%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin -72%

Consumes cash through the cycle

7-yr median margin, range -124%–-28%; latest ($53M) = operating cash ($48M) − maintenance capex $5M

Industry peers: median 1%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -28% of revenue this year, a -72% median across 7 years.
Are earnings backed by cash? ($48M)

Loss, and burning cash

Net income ($62M) · cash from operations ($48M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.59×

Harvesting

Capex $5M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $189M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.14×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $12M vs $14M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.36/share (latest year $-0.25), the averaged base the calculator's gate runs on, and book value is $0.11/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 7

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −127% → −37% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −127% early to −37% lately, median −99% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2019 · −142.1% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count +9.8%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$113M

Cash & short-term investments$123M
Receivables$14M
Inventory$10M

Current liabilities$99M

Debt due within a year$4M
Accounts payable$58M
Other current liabilities$37M

Current ratio1.14×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.04×stricter: inventory excluded

Cash ratio1.25×strictest: cash alone against what's due

Working capital$14Mthe cushion left after near-term bills

Debt due this year vs. cash$4M due · $123M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Cash runway2.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Deeper floors

Tangible book value$26Mequity stripped of goodwill & intangibles

Net current asset value$5MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$23M$12M of it operating leases

From the company's latest filing.

Inverting the record

Invert: instead of why Jumia Technologies AG is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2025.

None of the 3 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GCTGigaCloud Technology Inc	$1.3B	—	11.2%	84%	13%
SFIXStitch Fix Inc.	$1.3B	44%	-3.0%	-35%	3%
RVLVRevolve Group	$1.2B	53%	6.6%	39%	4%
BBBYBed Bath & Beyond Inc.	$1.0B	23%	-4.3%	-201%	-3%
HNSTThe Honest Company Inc.	$371M	33%	-11.3%	-23%	-4%
TDUPThredUp Inc.	$311M	71%	-22.5%	-54%	-13%
ELAEnvela Corporation	$241M	22%	5.1%	24%	1%
JMIAJumia Technologies AG	$189M	58%	-99.3%	-136%	-72%
Group median	—	44%	-3.7%	-29%	-1%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “Each ADS currently represents two ordinary”; Jumia Technologies AG reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed.

Jumia Technologies AG is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered2%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−28%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh JMIA against another business →

Cite: Owner Scorecard, "Jumia Technologies AG (JMIA), the owner's record," https://ownerscorecard.com/c/JMIA, data as of 2026-07-09.

Manual order: ← JLHL its page in the Manual JXG →

Industry order: ← HNST the E-Commerce & Marketplaces chapter LITB →