MeritValue

Cre8 Enterprise Ltd

CREdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Cre8 Enterprise Ltd earns about 120% on invested capital, but has diluted owners by 3% over 2 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 2024FY 2025
Revenue$13.4M1$16.8M2
Net income$824,2953$678,0364
Operating cash flow$898,6975$1.48M6
Capital expenditure$17,3427$92,1648
Free cash flow (derived)$881,3555$1.39M6
Total debt$1.14M9$1.04M10
Cash & equivalents$1.78M11$7.03M12
Diluted shares1.9M1.9M

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
$34.14
your share of equity
Profit it earned you last year
$3.5
Free cash flow it threw off
$7.18
Debt you’d be carrying
$5.36

10 shares is a claim on $34.14 of net worth that earned you $3.5 and generated $7.18 of cash last year, against $5.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
120% avg · 2y
FY24 130%FY25 110%

It earned an average 120% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 2y

Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$5.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (Revenues)
  2. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (ShortTermBorrowings)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (ShortTermBorrowings)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-045469 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-047573 (CashAndCashEquivalentsAtCarryingValue)