MeritValue

Akso Health Group

AHGdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Akso Health Group earns about -471% on invested capital, but has diluted owners by 3537% over 5 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$6.31M1$13.2M2$2.41M3$14.8M3$13.8M3
Net income−$16.9M4−$1.36M5−$9.46M6−$135M6−$18.7M6
Operating cash flow−$8.63M7−$3.25M8$1.35M9$1.18M9−$12.8M9
Capital expenditure$4,86110——$154,46011$1,63811
Free cash flow (derived)−$8.63M7——$1.02M9−$12.8M9
Total debt—————
Cash & equivalents$18.4M12$7.92M13$85.2M14$176.2M14$170,57214
Diluted shares59.6M68.6M141.5M855.3M2.17B

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
$0.83
your share of equity
Profit it earned you last year
−$0.09
Free cash flow it threw off
−$0.06
Debt you’d be carrying
—

10 shares is a claim on $0.83 of net worth that earned you −$0.09 and generated −$0.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-471% avg · 5y
FY22 —FY23 -1289%FY24 -14%FY25 -574%FY26 -9%

It earned an average -471% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3537% shares · 5y

Share count is up 3537% over 5 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.14
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-03-31 · accession 0001104659-22-130935 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-23-057106 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-080868 (Revenues)
  4. 20-F · period ending 2022-03-31 · accession 0001013762-24-002658 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-076862 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-080868 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001013762-24-002658 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-25-076862 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-26-080868 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001104659-22-130935 (PaymentsToAcquireProductiveAssets)
  11. 20-F · period ending 2025-03-31 · accession 0001213900-26-080868 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-03-31 · accession 0001213900-23-057106 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-03-31 · accession 0001213900-25-076862 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2024-03-31 · accession 0001213900-26-080868 (CashAndCashEquivalentsAtCarryingValue)