MeritValue

ALPHA & OMEGA SEMICONDUCTOR Ltd

AOSLdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

ALPHA & OMEGA SEMICONDUCTOR Ltd earns about 13% on invested capital, but has diluted owners by 6% 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$777.6M1$691.3M2$657.3M3$696.2M3$678.9M3
Net income$453.2M4$12.4M5−$11.1M6−$97M6−$42.3M6
Operating cash flow$218.9M7$20.5M8$25.7M9$29.7M9−$16.3M9
Capital expenditure$138M10$110.4M11$37.1M12$37.2M12$51.8M12
Free cash flow (derived)$80.9M7−$90M8−$11.4M9−$7.51M9−$68.1M9
Total debt$110.5M13$88.2M14$65.1M15$41.6M16$3.63M16
Cash & equivalents$314.4M17$195.2M18$175.1M19$153.1M19$180.8M19
Diluted shares28.2M29.5M28.2M29.4M30.0M

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
$266.4
your share of equity
Profit it earned you last year
−$14.11
Free cash flow it threw off
−$22.73
Debt you’d be carrying
$1.21

10 shares is a claim on $266.4 of net worth that earned you −$14.11 and generated −$22.73 of cash last year, against $1.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY22 70%FY23 2%FY24 0%FY25 -3%FY26 -4%

It earned an average 13% 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
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 97% — deleveraging.

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 v0.5.0
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
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 2022-06-30 · accession 0001387467-24-000073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001628280-25-041297 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001628280-26-059261 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001387467-24-000073 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001628280-25-041297 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001628280-26-059261 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001387467-24-000073 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001628280-25-041297 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001628280-26-059261 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001387467-24-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001628280-25-041297 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001628280-26-059261 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001387467-23-000049 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-06-30 · accession 0001387467-24-000073 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-06-30 · accession 0001628280-25-041297 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-06-30 · accession 0001628280-26-059261 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-06-30 · accession 0001387467-24-000073 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001628280-25-041297 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001628280-26-059261 (CashAndCashEquivalentsAtCarryingValue)