MeritValue

Cuprina Holdings (Cayman) LTD

CUPRdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Cuprina Holdings (Cayman) LTD earns about -160% on invested capital, but has diluted owners by 14% 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$35,5221$38,7892
Net income−$1.15M3−$3.63M4
Operating cash flow−$908,6095−$7.1M6
Capital expenditure$16,0887$45,2688
Free cash flow (derived)−$924,6975−$7.15M6
Total debt$321,9569$256,44010
Cash & equivalents$85,62211$2.42M12
Diluted shares18.0M20.5M

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
$1.92
your share of equity
Profit it earned you last year
−$1.77
Free cash flow it threw off
−$3.49
Debt you’d be carrying
$0.13

10 shares is a claim on $1.92 of net worth that earned you −$1.77 and generated −$3.49 of cash last year, against $0.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-160% avg · 2y
FY24 —FY25 -160%

It earned an average -160% 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
+14% shares · 2y

Share count is up 14% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 20% — 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
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
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 2024-12-31 · accession 0001641172-25-010302 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-010302 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-010302 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-010302 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-010302 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-010302 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-019085 (CashAndCashEquivalentsAtCarryingValue)