Share count
162Mpeak FY2022
← All companies ← RELX Manual RIO → ← RCT Specialty Retail RH →
RERE, ATRenew Inc.
A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥336M
Vital signs · TTM, with 5-yr average
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- 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.
- What moves the needle
- Unit economics, and whether the moat is real low cost or genuine convenience. What decides it: same-store sales, how fast inventory turns back into cash, and whether thin margins survive the next price war or the shift online.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
16%low FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(CN¥559M)owner earningsvs.CN¥336Mnet incomelow FY2021
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2024
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 reported CN¥336M of profit but (CN¥559M) of owner earnings: CN¥895M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | CN¥336M | (CN¥8M) | (CN¥156M) | (CN¥2.5B) | (CN¥817M) |
| Depreciation & amortizationnon-cash charge added back | +CN¥116M | +CN¥267M | +CN¥334M | +CN¥405M | +CN¥374M |
| Working capital & othertiming of cash in and out, other non-cash items | −CN¥867M | +CN¥384M | +CN¥66M | +CN¥2.9B | −CN¥575M |
| Cash from operations | (CN¥415M) | CN¥643M | CN¥244M | CN¥881M | (CN¥1.0B) |
| Capital expenditurecash put back in to keep running and to grow | −CN¥144M | −CN¥60M | −CN¥85M | −CN¥61M | −CN¥74M |
| Owner earnings | (CN¥559M) | CN¥583M | CN¥159M | CN¥820M | (CN¥1.1B) |
| Owner-earnings marginowner earnings ÷ revenue | — | — | — | — | — |
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 .
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
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.
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? 75.6×ComfortableOperating income CN¥456M ÷ interest expense CN¥6M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? +CN¥1.8BNet cashCash CN¥1.5B + ST investments CN¥268M − debt CN¥33M
What this means
Cash and short-term investments exceed every dollar of debt by CN¥1.8B, 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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle4-yr median, range -95%–16%; the latest year is left out — large non-operating charges put its operating line well above pretax profitIndustry peers: median 16%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Owner-earnings margin -166%Consumes cashOwner earnings (CN¥559M) = operating cash (CN¥415M) − maintenance capex CN¥144MIndustry peers: median 3%
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 -166% of revenue this year.
- Are earnings backed by cash? (CN¥415M)Loss, and burning cashNet income (CN¥817M) · cash from operations (CN¥415M)
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?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 1.24×ExpandingCapex CN¥144M ÷ depreciation CN¥116M
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 · 2 of 4 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 —Revenue ≥ $2B (a dollar floor) · CN¥336M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.49×
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 PassDebt ≤ working capital · CN¥33M vs CN¥2.8B 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 MissA profit every year (7-yr record) · 6 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted 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 CN¥0.35/share (latest year CN¥-5.03), the averaged base the calculator's gate runs on, and book value is CN¥24.60/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.
Does AI threaten the moat?
Moderate contestabilityAI 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, 2025Can 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 assetsCN¥4.7B
- Cash & short-term investmentsCN¥1.8B
- ReceivablesCN¥132M
- InventoryCN¥1.1B
- Other current assetsCN¥1.7B
Current liabilitiesCN¥1.9B
- Accounts payableCN¥336M
- Other current liabilitiesCN¥1.6B
Current ratio2.49×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.93×stricter: inventory excluded
Cash ratio0.95×strictest: cash alone against what's due
Working capitalCN¥2.8Bthe cushion left after near-term bills
Cash runway3.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥2.2Bequity stripped of goodwill & intangibles
Net current asset valueCN¥2.8BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥96MCN¥64M of it operating leases
Deferred revenueCN¥232Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 7-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangiblesCN¥1.8B30% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity45%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiringCN¥0over 7 years buying other businesses, against CN¥566M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.
Peers, Specialty Retail
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 |
|---|---|---|---|---|---|
| TITNTitan Machinery Inc. | $2.4B | 18% | 1.9% | 7% | 5% |
| SGUStar Group L.P. | $1.8B | 62% | 4.1% | — | 4% |
| LESLLeslie's | $1.2B | 41% | 13.1% | 38% | 3% |
| BBWBuild-A-Bear Workshop Inc. | $530M | 53% | 8.5% | 34% | 4% |
| HNSTThe Honest Company Inc. | $371M | 33% | -11.3% | -23% | -4% |
| REREATRenew Inc. | CN¥336M | — | 135.7% | -11% | -166% |
| TDUPThredUp Inc. | $311M | 71% | -22.5% | -54% | -13% |
| ELAEnvela Corporation | $241M | 22% | 5.1% | 24% | 1% |
| Group median | — | — | 4.6% | 7% | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares (every three ADSs represent two Class”; ATRenew Inc. reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what ATRenew Inc. has delivered.
ATRenew Inc.’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($82M) on 243M shares outstanding (a weighted average, the only count this filer tags); net cash $261M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "ATRenew Inc. (RERE), the owner's record," https://ownerscorecard.com/c/RERE, data as of 2026-07-09.
Manual order: ← RELX its page in the Manual RIO →
Industry order: ← RCT the Specialty Retail chapter RH →