MindForge Inc.

MF
About the company

U-BX Technology Ltd., together with its subsidiaries, focuses on providing value-added services using artificial intelligence-driven technology to businesses in the insurance industry in China. It offers digital promotion services; risk assessment services; and value-added bundled benefits, including auto maintenance, auto value-added, vehicle moving notification, and other services to property and auto insurance carriers, and insurance brokers.

Country: Cayman IslandsPrice: $19.50Market Cap: $273.5M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

1 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

All 16 investors flag MF's profitability

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2285 (Top 73.8%)FAILFAILPASSFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-10-24

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.02, IC: -138.1x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.02
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities10.24
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.02
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.02
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-138.1x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.02
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0205; #747/4210 (top 17.7%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✗ 35▾

    All 16 investors flag MF's profitability

    Positive EPS (10 years)1/5 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/5 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-1.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-10.5% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-0.8M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-14.3%
    ✗Lynch> 15%
    EBIT / Enterprise Value-1.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1.2%, ROC=-128.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-12.96%
    ✗PiotroskiROA > 0
    ROA Change YoY-4.46% -> -12.96% (delta: -8.50%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-13.45%, ROA=-12.96%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY1.3% -> 0.8%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-10.0%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-14.3%
    ✗Dreman> 12%
    Margin of SafetyP/B=7.5x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-0.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-10.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-14.3%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend0.2% (2022) -> -10.5% (2024)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 1.7% -> 0.8%, operating margin 0.2% -> -10.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-0.99%; #3402/6340 (top 53.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+1.20%; #3324/3702 (top 89.8%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-14.29%; #3551/5226 (top 67.9%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0702; #3026/5884 (top 51.4%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio7.5x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-1.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1.2%, ROC=-128.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share7.5x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-1.9%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=7.5x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low556% of trailing low ($3.51)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-0.99%; #3402/6340 (top 53.7%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.0695; #4901/6449 (top 76.0%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share7.48x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1085; #4292/5247 (top 81.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+455.56%; #84/6202 (top 1.4%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✗ 12▾

    All 10 investors flag MF's cash flow

    Free Cash Flow Proxy$-0.8M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-1.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-2.8M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-13.45%, ROA=-12.96%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive1/3 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency1/4 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.00 (2021) -> $-0.37 (2024)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-42.5%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/3 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 1.7% -> 0.8%, operating margin 0.2% -> -10.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts6% pass✓ 1✗ 15▾

    Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2285✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2217/2370 (Top 93.5%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag MF's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio10.24
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-18.5%
    ✗Buffett> 10%
    ROIC - WACC-28.5%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-128.8%
    ✗Greenblatt> 25%
    Current Ratio Change YoY5.75 -> 10.24
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY3.07x -> 1.41x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities10.24
    ✓Dreman> 1.5
    Return on Invested Capital-12.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=10.1%; FY2023: ROIC=-4.7%; FY2024: ROIC=-12.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest -12.6%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($273.5M)
Revenue: $29.7M-42.5% YoY
Net Income: $2.7M-263.2% YoY

Financial Snapshot

Operating Margin-10.5%
Return on Equity-14.3%
Debt / Equity0.02
Current Ratio10.24
EPS (Diluted)$-0.37

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$122.3B
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RBRKRubrik, Inc.
$22.6B
ACMAECOM
$9.1B

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-10-24
FY 2023
Sources
  • 20-F · 2025-10-24
FY 2022
Sources
  • 20-F · 2024-10-30
FY 2021
Sources
  • 20-F · 2024-10-30
FY 2020
Sources
  • 20-F · 2024-10-30
Market Cap$273.5Mcurrent$2.8Best.------
Revenue$29.7M↓42%$51.6M↓45%$94.3M↑9%$86.7M--
Operating Income-$3.1M↓256%-$872.9K↓667%$153.9K↑22%$126.6K--
Net Income-$2.7M↓263%-$748.5K↓464%$205.9K↑520%-$49.0K--
EPS (Diluted)$-0.37↓1133%$-0.03↓400%$0.01$0.00--
Gross Margin0.8%↓37%1.3%↓21%1.7%↑1%1.7%—
Operating Margin-10.5%↓519%-1.7%↓1137%0.2%↑12%0.1%—
ROE-14.3%↓165%-5.4%↓128%19.2%↑457%-5.4%—
Total Debt$389.7K↓44%$701.6K↑407%$138.4K----
Shareholders' Equity$19.0M↑37%$13.9M↑1195%$1.1M↑18%$910.9K↑1107%$75.5K
Current Ratio10.24↑78%5.75↑372%1.22——
Debt / Equity0.02↓59%0.05↓61%0.13——
Operating Cash Flow-$2.8M↓108%-$1.4M↓378%-$283.2K↓178%$363.1K--
Free Cash Flow---$1.4M↓378%-$285.8K↓179%$360.1K--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

MF vs Peers — Financial Grading

Revenue$29.7MBottom 25%
Net Income$2.7MMedian
ROE-14.3%Bottom 25%
D/E0.02Top 25%
Op. Margin-10.5%Bottom 25%
Curr. Ratio10.24Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11