MeritValue

Armlogi Holding Corp.

BTOCdata completeness 88%4 fiscal years on file
The thesis, from the filings

Armlogi Holding Corp. earns about -68% on invested capital, but has diluted owners by 12% over 4 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 2023FY 2024FY 2025FY 2026
Revenue$135M1$167M2$190.4M3$185.8M3
Net income$13.9M4$7.44M5−$15.3M6−$20.9M6
Operating cash flow$11.8M7$2.99M8$1.46M9−$5.13M9
Capital expenditure$1.81M10$5.21M11$2.89M12$1.84M12
Free cash flow (derived)$9.99M7−$2.22M8−$1.43M9−$6.98M9
Total debt————
Cash & equivalents$6.56M13$7.89M14$9.19M15$2.22M15
Diluted shares40.0M40.2M41.8M44.7M

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
$1.79
your share of equity
Profit it earned you last year
−$4.67
Free cash flow it threw off
−$1.56
Debt you’d be carrying
—

10 shares is a claim on $1.79 of net worth that earned you −$4.67 and generated −$1.56 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-68% avg · 4y
FY23 74%FY24 24%FY25 -84%FY26 -284%

It earned an average -68% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12% shares · 4y

Share count is up 12% over 4 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 v0.5.0
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 2023-06-30 · accession 0001213900-24-081967 (Revenues)
  2. 10-K · period ending 2024-06-30 · accession 0001213900-25-091684 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-06-30 · accession 0001213900-26-103636 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2023-06-30 · accession 0001213900-24-081967 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001213900-25-091684 (NetIncomeLoss)
  6. 10-K · period ending 2025-06-30 · accession 0001213900-26-103636 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001213900-24-081967 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001213900-25-091684 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-06-30 · accession 0001213900-26-103636 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-081967 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-06-30 · accession 0001213900-25-091684 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-06-30 · accession 0001213900-26-103636 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-06-30 · accession 0001213900-24-081967 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-06-30 · accession 0001213900-25-091684 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-06-30 · accession 0001213900-26-103636 (CashAndCashEquivalentsAtCarryingValue)