Cheer Holding Inc. Class A Ordinary Share (CHR) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, CHR carries an RQD Score of 45, a letter grade of D, and the verdict "Roarable Sell — Underperform / Distribution Warning." The five pillars are: Fundamental Cash Engine 12/20 (ROIC 16.3%; FCF yield 0%), Whale 13F Flow 3/20 (institutional accumulation and options positioning), Insider Conviction 10/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit 9/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet 11/20 (Altman Z 2.46; Piotroski F 5/9; Debt/Equity 0.5).

The weakest pillar is institutional flow at 3/20, the strongest is the fundamental cash engine at 12/20, and no pillar scores at or above half its maximum. For a prospective investor, the rating signals that the business reports solid operating economics (ROIC 16.3%, operating margin 17.7%) while the cash return to equity holders is absent (FCF yield 0%) and the surrounding evidence of sponsorship and positioning is weak. Upside would require a change in institutional behavior or cash conversion that the source data does not show. Valuation cannot be assessed on earnings multiples because P/E and EV/EBITDA are not available in source data, so the valuation tradeoff rests on the market capitalization of $3.2M against reported revenue and net income. The stock's 52-week range of $1.16 - $42 shows an extreme drawdown, and the 12.5% move in the latest print should be weighed against that history.

Per the SEC financials, revenue moved from $152.3M in FY 2023 to $147.2M in FY 2024 and $148.8M in FY 2025, while net income declined from $30.5M to $26.0M and then $25.6M. Free cash flow fell from $42.2M to $22.9M to $17.9M across the same periods, and reported cash rose from $197.7M to $242.1M. Per the Roarable RQD rating, the forensic readings are an Altman Z-Score of 2.46, a Piotroski F-Score of 5/9, and Debt/Equity of 0.5, with ROIC at 16.3%. Debt values are not available in source data, so the balance sheet posture rests on the reported ratios rather than a debt schedule.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE and no butterfly links are present, so upstream and downstream dependencies cannot be mapped from source data. The only sector-level linkage in the sources is the liquidity sensitivity above: a 3.36x beta to net liquidity means changes in Fed balance sheet, Treasury General Account, or reverse repo flows could amplify price moves in either direction. The graph does not identify specific suppliers, customers, or correlated peers, so second-order bottlenecks remain unidentified in source data.

• What does the company sell, and who are its customers? The source data does not describe the business model.
• Why is market capitalization reported as $0.0B in the profile but $3.2M in market data, and which figure reflects the current share count?
• What explains the gap between a 16.3% ROIC and a 0% FCF yield, and is free cash flow negative or merely small relative to market value?
• What drove the decline in revenue-to-cash conversion from FY 2023 to FY 2025, and is the trend continuing?
• What is the debt schedule and capital structure, given that debt values are reported as N/A for every period?