BrilliA Inc
BRIAdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
BrilliA Inc earns about 109% on invested capital, far above its ~9% cost of capital, but has diluted owners by 11% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.37 and $1.36 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $52.9M1 | $56M1 | $64.4M1 |
| Net income | $4.35M2 | $3.28M2 | $2.82M2 |
| Operating cash flow | $11.1M3 | $144,0003 | −$4.52M3 |
| Capital expenditure | $9,0004 | $57,0004 | $72,0004 |
| Free cash flow (derived) | $11.1M3 | $87,0003 | −$4.59M3 |
| Total debt | — | — | — |
| Cash & equivalents | $9.05M5 | $6.38M5 | $7.7M5 |
| Diluted shares | 22.5M | 22.5M | 25.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $7.23 of net worth that earned you $1.13 and generated −$1.84 of cash last year.
It earned about 109% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 11% 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.
The 3 estimate methods that apply put fair value between $0.37 and $1.36 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$87,000
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$87,000
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.28M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.36 |
| Base | 5.0% | $0.37 |
| Bull | 10.0% | $0.38 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-03-31 · accession 0001213900-25-066324 (Revenue)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-066324 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-066324 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-066324 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-066324 (CashAndCashEquivalents)