MeritValue

Cosmos Group Holdings Inc.

COSGdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Cosmos Group Holdings Inc. earns about -858% on equity, but has diluted owners by 1187% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$90,5431$2.43M2$5.51M2$618,1973$57,6743
Net income$467,7254−$25M5−$101.7M6−$77.3M7$4.69M7
Operating cash flow−$3.95M8−$4.88M9$2.95M10−$542,70111−$3.54M11
Capital expenditure$229,06112$5,28112$2,85913——
Free cash flow (derived)−$4.18M8−$4.89M9$2.95M10——
Total debt—————
Cash & equivalents$773,38114$1.13M14$2.47M15$22,89716$43,34416
Diluted shares333.9M340.4M374.1M1.34B4.30B

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
−$0.1
your share of equity
Profit it earned you last year
$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.1 of net worth that earned you $0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
-858% avg · 5y
FY20 —FY21 -127%FY22 -1589%FY23 —FY24 —

It earned an average -858% 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
+1187% shares · 5y

Share count is up 1187% 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
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 2020-12-31 · accession 0001640334-21-001427 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-093999 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-031761 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001640334-22-000801 (NetIncomeLoss)
  5. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-093999 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-033527 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-031761 (NetIncomeLoss)
  8. 10-K · period ending 2020-12-31 · accession 0001640334-22-000801 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-093999 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-033527 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-031761 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2020-12-31 · accession 0001640334-22-000801 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-033527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2020-12-31 · accession 0001640334-22-000801 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-25-031761 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-031761 (CashAndCashEquivalentsAtCarryingValue)