MeritValue

CIMG Inc.

CIMGdata completeness 88%16 fiscal years on file
The thesis, from the filings

CIMG Inc. earns about -202% on equity, and has bought back 89% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.93M1$3.11M2$1.76M3$1.93M4$10.3M4
Net income−$18.6M5−$11.8M6−$8.75M7−$8.97M8−$4.88M8
Operating cash flow−$7.11M9−$7.46M10−$6.38M11−$9.97M12−$17.6M12
Capital expenditure$115,36113$191,76514$31,81315$319,84316—
Free cash flow (derived)−$7.22M9−$7.65M10−$6.41M11−$10.3M12—
Total debt$112,62817———$447,16418
Cash & equivalents——$982,86919$464,22220$137,28720
Diluted shares16.4M553,322732,421107,5151.7M

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
$262.14
your share of equity
Profit it earned you last year
−$27.99
Free cash flow it threw off
—
Debt you’d be carrying
$2.56

10 shares is a claim on $262.14 of net worth that earned you −$27.99 last year, against $2.56 of debt.

iii. Is this a good business?
Moat signal · return on equity
-202% avg · 5y
FY21 -152%FY22 -121%FY23 -523%FY24 —FY25 -11%

It earned an average -202% 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
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 297% over the same window.

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
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 2021-09-30 · accession 0001493152-22-036487 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001493152-24-002501 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-09-30 · accession 0001641172-25-021542 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001493152-26-006817 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001493152-22-036487 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001493152-24-002501 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-09-30 · accession 0001641172-25-021542 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001493152-26-006817 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001493152-22-036487 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001493152-24-002501 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-09-30 · accession 0001641172-25-021542 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001493152-26-006817 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001493152-22-036487 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001493152-24-002501 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-09-30 · accession 0001641172-25-021542 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001493152-26-006817 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001493152-21-032231 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2025-09-30 · accession 0001493152-26-006817 (ShortTermBorrowings)
  19. 10-K/A · period ending 2023-09-30 · accession 0001641172-25-021542 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001493152-26-006817 (CashAndCashEquivalentsAtCarryingValue)