MeritValue

Birdie Win Corp

BRWCdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

Birdie Win Corp earns about -114% on equity, but has diluted owners by 71% over 5 years — worth asking whether the growth reaches owners. 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$20,0001$30,0002$20,0003$25,0004$30,0004
Net income−$4275−$25,4946−$7,8937−$24,0828−$17,2998
Operating cash flow$17,1469−$35,20310−$19,31211−$3,15512$32612
Capital expenditure$92713$1,30414———
Free cash flow (derived)$16,2199−$36,50710———
Total debt—————
Cash & equivalents$19,81915$19,31216—$1,84517$2,17117
Diluted shares3.6M4.8M5.0M5.3M6.2M

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
$0.02
your share of equity
Profit it earned you last year
−$0.03
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.02 of net worth that earned you −$0.03 last year.

iii. Is this a good business?
Moat signal · return on equity
-114% avg · 5y
FY21 -13%FY22 -186%FY23 -136%FY24 —FY25 -120%

It earned an average -114% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+71% shares · 5y

Share count is up 71% over 5 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 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 2021-07-31 · accession 0001493152-22-028024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-31 · accession 0001493152-23-037773 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-31 · accession 0001493152-24-039471 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-07-31 · accession 0001493152-25-017715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-07-31 · accession 0001493152-22-028024 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001493152-23-037773 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001493152-24-039471 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001493152-25-017715 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001493152-22-028024 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001493152-23-037773 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001493152-24-039471 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001493152-25-017715 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-07-31 · accession 0001493152-22-028024 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-07-31 · accession 0001493152-23-037773 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-07-31 · accession 0001493152-22-028024 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-07-31 · accession 0001493152-23-037773 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-07-31 · accession 0001493152-25-017715 (CashAndCashEquivalentsAtCarryingValue)