MeritValue

AtlasClear Holdings, Inc.

ATCHdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

The applicable estimate puts fair value near $1.48 a share.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 2025
Revenue——$10.9M1
Net income$11M2$794,9502$5.75M3
Operating cash flow−$1.08M4−$1.82M4$822,0275
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$129,5606$619,5546$7.53M7
Diluted shares5.0M5.0M40.2M

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
$1.43
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.69 of net worth that earned you $1.43 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+698% shares · 3y

Share count is up 698% over 3 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$1.48
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.75M
  • growthAssumed0.0%
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/A · period ending 2025-06-30 · accession 0001104659-25-094655 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000492 (NetIncomeLoss)
  3. 10-K/A · period ending 2025-06-30 · accession 0001104659-25-094655 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001410578-24-000492 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2025-06-30 · accession 0001104659-25-094655 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000492 (CashAndCashEquivalentsAtCarryingValue)
  7. 10-K/A · period ending 2025-06-30 · accession 0001104659-25-094655 (CashAndCashEquivalentsAtCarryingValue)