MeritValue

Tianci International, Inc.

CIITdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Tianci International, Inc. earns about -50% on invested capital, but has diluted owners by 570% 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$01$752,8392$452,4093$8.62M4$9.28M4
Net income−$74,3845$144,1496−$341,2107$54,4508−$2.64M8
Operating cash flow−$74,2489−$84,16110$324,58111$112,74012−$3.23M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$3,95113$9,00013$256,34214$413,12914$2.41M14
Diluted shares2.5M2.5M5.9M14.8M16.5M

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
$1.81
your share of equity
Profit it earned you last year
−$1.6
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.81 of net worth that earned you −$1.6 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-50% avg · 5y
FY21 —FY22 181%FY23 —FY24 34%FY25 -366%

It earned an average -50% 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
+570% shares · 5y

Share count is up 570% 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 0001683168-22-007135 (Revenues)
  2. 10-K · period ending 2022-07-31 · accession 0001683168-23-007330 (Revenues)
  3. 10-K · period ending 2023-07-31 · accession 0001683168-24-007300 (Revenues)
  4. 10-K · period ending 2024-07-31 · accession 0001683168-25-007401 (Revenues)
  5. 10-K · period ending 2021-07-31 · accession 0001683168-22-007135 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001683168-23-007330 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001683168-24-007300 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001683168-25-007401 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001683168-22-007135 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001683168-23-007330 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001683168-24-007300 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001683168-25-007401 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-07-31 · accession 0001683168-22-007135 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-07-31 · accession 0001683168-25-007401 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)