MeritValue

Baiya International Group Inc.

BIYAdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Baiya International Group Inc. earns about -75% on equity, and has bought back 81% of its shares over 4 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 2025
Revenue$13.2M1$11.6M2$12.8M2$16.5M2
Net income−$1.26M3−$1.02M4−$8,7504−$9.53M4
Operating cash flow$406,6405−$1.8M6$1.58M6−$7.44M6
Capital expenditure———$5,5247
Free cash flow (derived)———−$7.44M6
Total debt—$1.42M8$234,6909—
Cash & equivalents$2.4M10$31,97311$1.67M12$688,94112
Diluted shares10.0M400,000400,0001.9M

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
$121.28
your share of equity
Profit it earned you last year
−$50.36
Free cash flow it threw off
−$39.31
Debt you’d be carrying
—

10 shares is a claim on $121.28 of net worth that earned you −$50.36 and generated −$39.31 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-75% avg · 4y
FY22 -74%FY23 -183%FY24 -2%FY25 -42%

It earned an average -75% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−81% shares · 4y

Share count is down 81% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 84% — 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2022-12-31 · accession 0001213900-25-042694 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-050223 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-042694 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050223 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-042694 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050223 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2025-12-31 · accession 0001213900-26-050223 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-25-042694 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-050223 (LongTermDebtCurrent)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-26-050223 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-25-042694 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-12-31 · accession 0001213900-26-050223 (CashAndCashEquivalentsAtCarryingValue)