MeritValue

ADDENTAX GROUP CORP.

ATXGdata completeness 100%11 fiscal years on file
The thesis, from the filings

ADDENTAX GROUP CORP. earns about -4% on invested capital, and has bought back 97% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$12.7M1$7.94M2$5.15M3$4.18M4$5.37M4
Net income$77,9985$1.32M6−$3.11M7−$5.09M8−$4.47M8
Operating cash flow$1.09M9−$1.57M10−$411,47311$816,00112−$603,60312
Capital expenditure$198,12213—$135,43114$197,59215$180,89415
Free cash flow (derived)$892,7509—−$546,90411$618,40912−$784,49712
Total debt$151,09016$137,46817$440,67118$640,87819$671,82419
Cash & equivalents$1.39M20$562,71121$816,18622$324,95323$574,26723
Diluted shares26.7M35.7M4.4M399,543713,142

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
$305.76
your share of equity
Profit it earned you last year
−$62.67
Free cash flow it threw off
−$11
Debt you’d be carrying
$9.42

10 shares is a claim on $305.76 of net worth that earned you −$62.67 and generated −$11 of cash last year, against $9.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY22 —FY23 12%FY24 2%FY25 -14%FY26 -16%

It earned an average -4% 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
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 345% over the same window.

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
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 2022-03-31 · accession 0001493152-23-022881 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001493152-24-027830 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001493152-23-022881 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001493152-24-027830 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001493152-23-022881 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-027830 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001493152-23-022881 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-03-31 · accession 0001493152-23-022881 (ShortTermBorrowings)
  17. 10-K · period ending 2023-03-31 · accession 0001493152-24-027830 (ShortTermBorrowings)
  18. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (ShortTermBorrowings)
  19. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (ShortTermBorrowings)
  20. 10-K · period ending 2022-03-31 · accession 0001493152-23-022881 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-03-31 · accession 0001493152-24-027830 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-03-31 · accession 0001641172-25-017050 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2025-03-31 · accession 0001493152-26-031055 (CashAndCashEquivalentsAtCarryingValue)