MeritValue

Agape ATP Corp

ATPCdata completeness 75%10 fiscal years on file

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

The thesis, from the filings

Agape ATP Corp earns about -516% on invested capital, and has bought back 100% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.02M1$1.86M2$1.43M3$1.32M4$1.52M4
Net income−$2.52M5−$1.69M6−$2.1M7−$2.47M8−$2.28M8
Operating cash flow−$845,8429−$811,68310−$2M11−$2.73M12−$2.41M12
Capital expenditure$3,95913————
Free cash flow (derived)−$849,8019————
Total debt—————
Cash & equivalents$2.6M14$1.44M15$4.83M16$2.04M17$140,07217
Diluted shares376.2M87.8M3.8M77,839801,081

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
$280.37
your share of equity
Profit it earned you last year
−$28.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $280.37 of net worth that earned you −$28.46 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-516% avg · 5y
FY21 -264%FY22 -1275%FY23 —FY24 —FY25 -8%

It earned an average -516% 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
−100% shares · 5y

Share count is down 100% over 5 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. 10-K · period ending 2021-12-31 · accession 0001493152-23-010029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012467 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001611 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016297 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010029 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012467 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001611 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016297 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012467 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001611 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016297 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001493152-22-018503 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010029 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-012467 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-001611 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-016297 (CashAndCashEquivalentsAtCarryingValue)