ATRenew Inc.

RERE
About the company

ATRenew Inc., together with its subsidiaries, sell pre-owned consumer electronics through its online platforms and other channels in the People's Republic of China. It provides services to third-party merchants to sell the products through its platforms. ATRenew Inc. was formerly known as AiHuiShou International Co. Ltd. and changed its name to ATRenew Inc. November 2021.

Price: $4.06Market Cap: $899.3M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

3 / 12

NEUTRAL / FAIL

Median fair value

$2.45

-39.7% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Graham and Lynch object

Key risk

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

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

VerdictFAILFAILFAILBUY · Rank #485 (Top 15.7%)FAILFAILPASSNEUTRALFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+16.1%-16.0%N/A-456.2%N/A-427.3%N/A-65.7%N/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-08

Score computed: 2026-11-14

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

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-08

Score computed: 2026-11-14

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

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-08

Score computed: 2026-11-14

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

Latest source filing: 2026-04-08

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Graham and Lynch object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.08, IC: 75.6x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.08
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities2.49
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.08
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.08
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=75.6x, D/EBITDA=0.6x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.08
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0809; #1188/4210 (top 28.2%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Growth0% pass✓ 2✗ 11▾

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

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 13.7x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue Growth
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$-12.06 (2019) -> $0.30 (2025)
    ✓DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency4/5 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 trend
    ✗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
  • Profitability6% pass✓ 5✗ 30▾

    15 of 16 flag RERE's profitability — Graham, Buffett, Lynch +12 more

    Net income / market capitalization+5.35%; #1578/6340 (top 24.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)1/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-14.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$48.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 13.7x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE8.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value9.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=9.0%, ROC=29.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets5.64%
    ✓PiotroskiROA > 0
    ROA Change YoY-0.16% -> 5.64% (delta: +5.80%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-6.95%, ROA=5.64%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity8.4%
    ✗Dreman> 12%
    Margin of SafetyP/E=13.7x, P/B=1.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity1.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-427.4% (IV=$0.77 vs Price=$4.06)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity8.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+8.43%; #2046/5226 (top 39.2%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1947; #4205/5884 (top 71.5%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts14% pass✓ 2✗ 12▾

    Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (1/7)✓GreenblattRank #485✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (4/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation15% pass✓ 8✗ 20▾

    11 of 13 flag RERE's valuation — Graham, Lynch, Greenblatt +8 more

    Price / Book Value per Share1.2x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Net income / market capitalization+5.35%; #1578/6340 (top 24.9%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS79.1x
    ✗Graham<= 15x
    Price-to-Book Ratio1.2x
    ✓Graham<= 1.5x
    P/E x P/B91.30
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 13.7x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value9.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=9.0%, ROC=29.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS13.7x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Valuation ReasonablenessP/E=13.7x, OE Yield=6.7%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=13.7x, FCF Yield=-8.9%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=13.7x, P/B=1.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-427.4% (IV=$0.77 vs Price=$4.06)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low164% of trailing low ($2.47)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+0.6343; #2405/6449 (top 37.3%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS13.7x
    ✓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 Share1.16x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-8.88%; #3187/4519 (top 70.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-8.97%; #3373/6202 (top 54.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow20% pass✓ 2✗ 10▾

    8 of 10 flag RERE's cash flow — Lynch, Piotroski, Dreman +5 more

    Free Cash Flow Proxy$48.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-79.9M
    ✗LynchPositive and growing
    Operating Cash Flow$-59.3M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-6.95%, ROA=5.64%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=13.7x, FCF Yield=-8.9%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive3/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-12.1%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency3/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-79.9M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-8.88%; #3187/4519 (top 70.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Valuation models20% pass✓ 1✗ 4▾

    Models split on RERE at $4.06 — fair values range $0.73–$4.84

    Graham fair value$4.84
    ✓Graham+16.1% margin vs $4.06
    Buffett fair value$3.50
    ✗Buffett-16.0% margin vs $4.06
    Greenblatt fair value$0.73
    ✗Greenblatt-456.2% margin vs $4.06
    Dreman fair value$0.77
    ✗Dreman-427.3% margin vs $4.06
    Pabrai fair value$2.45
    ✗Pabrai-65.7% margin vs $4.06
  • Efficiency38% pass✓ 3✗ 8▾

    5 of 8 flag RERE's efficiency — Buffett, Piotroski, Munger +2 more

    Current Ratio2.49
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-19.2%
    ✗Buffett> 10%
    ROIC - WACC-29.2%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)29.6%
    ✓Greenblatt> 25%
    Current Ratio Change YoY3.19 -> 2.49
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities2.49
    ✓Dreman> 1.5
    Return on Invested Capital8.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-3.4%; FY2024: ROIC=0.6%; FY2025: ROIC=8.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC8.4% (RR=100% x ROIC=8.4%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 8.4%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Miscellaneous Retail
Size: Small Cap($899.3M)
Revenue: N/A
Net Income: $48.1M+4363.0% YoY

Financial Snapshot

Operating Margin--
Return on Equity8.4%
Debt / Equity0.08
Current Ratio2.49
EPS (Diluted)$0.30
Buybacks (1y)$13.2M
Buybacks (2y)$38.4M
Shares Retired−0.4% / −0.0% 2y

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Shareholder Return

Fiscal 2025

Issued 0.4% of shares last year, 0.0% issued over two.

Buybacks
$13.2M
Dividends
—

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 2025
Sources
  • 20-F · 2026-04-08
FY 2024
Sources
  • 20-F · 2025-04-11
FY 2023
Sources
  • 20-F · 2024-04-12
FY 2022
Sources
  • 20-F · 2023-04-18
FY 2021
Sources
  • 20-F · 2022-04-27
Market Cap$899.3Mcurrent$418.6Mest.$171.2Mest.$444.0Mest.$602.4Mest.
Revenue----------
Operating Income$65.2M↑1543%$4.0M↑116%-$24.4M↑94%-$376.8M↓168%-$140.5M
Net Income$48.1M↑4363%-$1.1M↑95%-$22.0M↑94%-$354.4M↓177%-$128.1M
EPS (Diluted)$0.30↑4419%$-0.01↑95%$-0.14↑94%$-2.18↓1%$-2.16
Gross Margin—————
Operating Margin—————
ROE8.4%↑3884%-0.2%↑95%-4.2%↑93%-63.6%↓400%-12.7%
Total Debt$46.1M↑50%$30.8M↓37%$49.2M↑177%$17.8M↑19%$14.9M
Shareholders' Equity$570.4M↑13%$506.2M↓3%$522.2M↓6%$557.5M↓45%$1.0B
Current Ratio2.49↓22%3.19↑19%2.68↓30%3.81↓24%5.03
Debt / Equity0.08↑33%0.06↓35%0.09↑195%0.03↑116%0.01
Operating Cash Flow-$59.3M↓167%$88.1M↑157%$34.3M↓73%$126.6M↑179%-$159.8M
Free Cash Flow-$79.9M↓200%$79.9M↑258%$22.3M↓81%$117.7M↑169%-$171.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

RERE vs Peers — Financial Grading

RevenueN/A
Net Income$48.1MBottom 25%
ROE8.4%Bottom 25%
D/E0.08Median
Op. Margin—
Curr. Ratio2.49Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11