MeritValue

Advanced Biomed Inc.

ADVBdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Advanced Biomed Inc. earns about -449% on invested capital, but has diluted owners by 3% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income−$2.78M1−$3.26M1
Operating cash flow−$2.13M2−$5.83M2
Capital expenditure$74,1103$31,6503
Free cash flow (derived)−$2.2M2−$5.86M2
Total debt——
Cash & equivalents$2.61M4$2.9M4
Diluted shares20.0M20.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1.69
your share of equity
Profit it earned you last year
−$1.59
Free cash flow it threw off
−$2.85
Debt you’d be carrying
—

10 shares is a claim on $1.69 of net worth that earned you −$1.59 and generated −$2.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-449% avg · 2y
FY24 —FY25 -449%

It earned an average -449% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 2y

Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-06-30 · accession 0001213900-25-097465 (NetIncomeLoss)
  2. 10-K · period ending 2024-06-30 · accession 0001213900-25-097465 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2024-06-30 · accession 0001213900-25-097465 (PaymentsToAcquirePropertyPlantAndEquipment)
  4. 10-K · period ending 2024-06-30 · accession 0001213900-25-097465 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)