MeritValue

Pop Culture Group Co., Ltd

CPOPdata completeness 100%7 fiscal years on file
The thesis, from the filings

Pop Culture Group Co., Ltd earns about -11% on invested capital, but has diluted owners by 721% 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$25.5M1$32.3M2$18.5M3$47.4M3$107.6M3
Net income$4.27M4$787,9585−$24.3M6−$12.4M6−$6.89M6
Operating cash flow−$4.04M7−$11.4M8−$5.96M9−$5.16M9$192,8359
Capital expenditure—$82,73310$623,28011$16,79411$12,56811
Free cash flow (derived)—−$11.5M8−$6.59M9−$5.17M9$180,2679
Total debt$12M12$5.05T13$3.97T14$5.39M15$6.12M15
Cash & equivalents$1.32M16$14.4M17$2.75M18$230,56319$2.61M19
Diluted shares1.7M2.1M2.4M2.9M14.1M

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
$15.27
your share of equity
Profit it earned you last year
−$4.87
Free cash flow it threw off
$0.13
Debt you’d be carrying
$4.33

10 shares is a claim on $15.27 of net worth that earned you −$4.87 and generated $0.13 of cash last year, against $4.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 15%FY22 0%FY23 -0%FY24 -48%FY25 -21%

It earned an average -11% 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
+721% shares · 5y

Share count is up 721% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 49% — deleveraging.

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. 20-F · period ending 2021-06-30 · accession 0001213900-23-081796 (Revenues)
  2. 20-F · period ending 2022-06-30 · accession 0001213900-24-099099 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-06-30 · accession 0001213900-25-111512 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-06-30 · accession 0001213900-22-067175 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001213900-24-099099 (NetIncomeLoss)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-111512 (NetIncomeLoss)
  7. 20-F · period ending 2021-06-30 · accession 0001213900-23-081796 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001213900-24-099099 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-06-30 · accession 0001213900-25-111512 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-06-30 · accession 0001213900-24-099099 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-06-30 · accession 0001213900-25-111512 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-06-30 · accession 0001213900-22-067175 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2022-06-30 · accession 0001213900-23-081796 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2023-06-30 · accession 0001213900-24-099099 (LongTermDebtCurrent)
  15. 20-F · period ending 2024-06-30 · accession 0001213900-25-111512 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2021-06-30 · accession 0001213900-21-057952 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-06-30 · accession 0001213900-25-111512 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 20-F · period ending 2023-06-30 · accession 0001213900-24-099099 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-06-30 · accession 0001213900-25-111512 (CashAndCashEquivalentsAtCarryingValue)