Share count
1.3Bpeak FY2025
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YMT, Yimutian Inc.
A software business, earning high margins on code once it is written.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥94M
−41.5% YoY
Vital signs · TTM, with 3-yr average
Revenue CN¥94M 3-yr avg CN¥148M
The business in brief
read the 10-K →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
- Operating margin has run around −44% through the cycle on a 77% 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 −48 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
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, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| CN¥188M | CN¥161M | CN¥94M | CN¥94M | RevenueRevenue |
| 74% | 81% | 77% | 77% | Gross marginGross mgn |
| (CN¥100M) | (CN¥34M) | (CN¥42M) | (CN¥42M) | Operating incomeOp. inc. |
| −53.2% | −21.1% | −44.3% | −44.3% | Operating marginOp. mgn |
| (CN¥106M) | (CN¥35M) | (CN¥47M) | (CN¥47M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| (CN¥18M) | (CN¥61M) | (CN¥49M) | (CN¥49M) | Operating cash flowOp. cash |
| CN¥2M | CN¥1M | CN¥1M | CN¥1M | DepreciationDeprec. |
| CN¥86M | (CN¥28M) | (CN¥3M) | (CN¥3M) | Working capital & otherWC & other |
| CN¥2M | CN¥351K | CN¥850K | CN¥850K | CapexCapex |
| 1.1% | 0.2% | 0.9% | 0.9% | Capex / revenueCapex/rev |
| (CN¥20M) | (CN¥62M) | (CN¥50M) | (CN¥50M) | Owner earningsOwner earn. |
| −10.7% | −38.3% | −53.0% | −53.0% | Owner earnings marginOE mgn |
| (CN¥20M) | (CN¥62M) | (CN¥50M) | (CN¥50M) | Free cash flowFCF |
| −10.7% | −38.3% | −53.0% | −53.0% | Free cash flow marginFCF mgn |
| Balance sheet | ||||
| — | CN¥733K | CN¥945K | CN¥945K | ReceivablesReceiv. |
| — | CN¥237K | CN¥2M | CN¥2M | InventoryInvent. |
| — | CN¥4M | CN¥5M | CN¥5M | Accounts payablePayables |
| — | (CN¥3M) | (CN¥2M) | (CN¥2M) | Operating working capitalOper. WC |
| — | CN¥47M | CN¥154M | CN¥154M | Current assetsCur. assets |
| — | CN¥479M | CN¥310M | CN¥310M | Current liabilitiesCur. liab. |
| — | 0.1× | 0.5× | 0.5× | Current ratioCurr. ratio |
| — | CN¥61M | CN¥161M | CN¥161M | Total assetsAssets |
| -472.6× | -35.3× | -7.5× | -7.5× | Interest coverageInt. cov. |
| — | (CN¥1.8B) | (CN¥191M) | (CN¥191M) | Shareholders’ equityEquity |
| Per share | ||||
| 400M | 460M | 1.34B | 1.34B | Shares out (diluted)Shares |
| CN¥0.47 | CN¥0.35 | CN¥0.07 | CN¥0.07 | Revenue / shareRev/sh |
| CN¥-0.26 | CN¥-0.08 | CN¥-0.04 | CN¥-0.04 | EPS (diluted)EPS |
| CN¥-0.05 | CN¥-0.13 | CN¥-0.04 | CN¥-0.04 | Owner earnings / shareOE/sh |
| CN¥-0.05 | CN¥-0.13 | CN¥-0.04 | CN¥-0.04 | Free cash flow / shareFCF/sh |
| CN¥0.01 | CN¥0.00 | CN¥0.00 | CN¥0.00 | Cap. spending / shareCapex/sh |
| — | CN¥-3.84 | CN¥-0.14 | CN¥-0.14 | Book value / shareBVPS |
The diluted share count moved ×2.91 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
77%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(CN¥50M)owner earningsvs.(CN¥47M)net incomelow FY2024
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 a CN¥47M loss but (CN¥50M) of owner earnings: CN¥3M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | (CN¥47M) | (CN¥35M) | (CN¥106M) |
| Depreciation & amortizationnon-cash charge added back | +CN¥1M | +CN¥1M | +CN¥2M |
| Working capital & othertiming of cash in and out, other non-cash items | −CN¥3M | −CN¥28M | +CN¥86M |
| Cash from operations | (CN¥49M) | (CN¥61M) | (CN¥18M) |
| Capital expenditurecash put back in to keep running and to grow | −CN¥850K | −CN¥351K | −CN¥2M |
| Owner earnings | (CN¥50M) | (CN¥62M) | (CN¥20M) |
| Owner-earnings marginowner earnings ÷ revenue | -53% | -38% | -11% |
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F/A · source on SEC EDGAR →
Material weakness in financial controls
“We have identified one material weakness in our internal control over financial reporting as of December 31, 2025.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -7.5×Does not cover its interestOperating income (CN¥42M) ÷ interest expense CN¥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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Negative, funded by othersDSO 4 + DIO 39 − DPO 88 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?
- Not enough dataIndustry peers: median -3%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -53%–-11%; latest (CN¥50M) = operating cash (CN¥49M) − maintenance capex CN¥850KIndustry peers: median 7%
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 -53% of revenue this year, a -38% median across 3 years.
- Are earnings backed by cash? (CN¥49M)Loss, and burning cashNet income (CN¥47M) · cash from operations (CN¥49M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.78×HarvestingCapex CN¥850K ÷ depreciation CN¥1M
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 · 0 of 1 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¥94M
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 MissCurrent ratio ≥ 2× · 0.50×
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.
- 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¥-0.05/share (latest year CN¥-0.04), the averaged base the calculator's gate runs on, and book value is CN¥-0.14/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?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Not named
Despite the structural exposure, the latest 10-K does not name AI as a competitive risk, which is itself worth a question.
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
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¥154M
- ReceivablesCN¥945K
- InventoryCN¥2M
- Other current assetsCN¥151M
Current liabilitiesCN¥310M
- Accounts payableCN¥5M
- Other current liabilitiesCN¥305M
Current ratio0.50×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.49×stricter: inventory excluded
Cash ratio0.00×strictest: cash alone against what's due
Working capital(CN¥156M)the cushion left after near-term bills
Deeper floors
Tangible book value(CN¥191M)equity stripped of goodwill & intangibles
Net current asset value(CN¥169M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥2MCN¥2M of it operating leases
Deferred revenueCN¥76Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, IT Services & Consulting
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 |
|---|---|---|---|---|---|
| BBAIBigBear.ai Inc. | $128M | 25% | -62.6% | -31% | -19% |
| CEVACeva, Inc. | $110M | 89% | -1.2% | -0% | 7% |
| RUMRumble Inc. | $101M | — | -125.9% | -322% | -86% |
| GLOOGloo Holdings Inc. | $95M | — | -209.1% | -76% | -196% |
| YMTYimutian Inc. | CN¥94M | 77% | -44.3% | — | -38% |
| RDVTRed Violet Inc. Common Stock | $90M | — | -3.0% | -3% | 20% |
| ISSCInnovative Solutions and Support Inc. | $84M | 55% | 16.9% | 11% | 12% |
| SLPSimulations Plus Inc. | $79M | 74% | 27.8% | 9% | 29% |
| Group median | — | 74% | -23.6% | — | -6% |
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, each representing twenty-five (25) Class”; Yimutian 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.
Yimutian Inc. 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.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−53%
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.
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.
Cite: Owner Scorecard, "Yimutian Inc. (YMT), the owner's record," https://ownerscorecard.com/c/YMT, data as of 2026-07-09.
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