MeritValue

ARB IOT Group Ltd

ARBBdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

ARB IOT Group Ltd earns about -17% on invested capital, and has bought back 93% of its shares over 3 years. 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 2023FY 2024FY 2025
Revenue$51.9M1$12.3M2$46.8M3
Net income$5.9M4−$11.6M5−$16.9M6
Operating cash flow$11.7M7$12M8$186,3569
Capital expenditure$15.5M10$6.35M11—
Free cash flow (derived)−$3.84M7$5.65M8—
Total debt———
Cash & equivalents$6.66M12$7.91M13$7.74M13
Diluted shares26.4M26.4M1.8M

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
$255.64
your share of equity
Profit it earned you last year
−$95.92
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $255.64 of net worth that earned you −$95.92 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 3y
FY23 8%FY24 -23%FY25 -36%

It earned an average -17% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 3y

Share count is down 93% over 3 years — management has been buying back stock, quietly handing owners a bigger slice.

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
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. 20-F · period ending 2023-06-30 · accession 0001013762-23-007430 (Revenue)
  2. 20-F · period ending 2024-06-30 · accession 0001213900-24-091998 (Revenue)
  3. 20-F · period ending 2025-06-30 · accession 0001213900-25-104705 (Revenue)
  4. 20-F · period ending 2023-06-30 · accession 0001013762-23-007430 (ProfitLoss)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-24-091998 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-25-104705 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2023-06-30 · accession 0001013762-23-007430 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2024-06-30 · accession 0001213900-24-091998 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2025-06-30 · accession 0001213900-25-104705 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2023-06-30 · accession 0001013762-23-007430 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2024-06-30 · accession 0001213900-24-091998 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-06-30 · accession 0001213900-24-091998 (CashAndCashEquivalents)
  13. 20-F · period ending 2024-06-30 · accession 0001213900-25-104705 (CashAndCashEquivalents)