MeritValue

Delixy Holdings Ltd

DLXYdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Delixy Holdings Ltd earns about -1027% on equity, but has diluted owners by 4% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.42 a share.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 2022FY 2023FY 2024FY 2025
Revenue$319.8M1$289.2M2$314.9M2$307.7M2
Net income$253,0003$1.15M4$1.03M4−$4.46M4
Operating cash flow−$4.9M5$4.05M6$612,0006−$5.25M6
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$6.06M7$8.25M8$3.34M9$1.79M9
Diluted shares15.0M15.0M15.0M15.6M

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
$0.07
your share of equity
Profit it earned you last year
−$2.85
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.07 of net worth that earned you −$2.85 last year.

iii. Is this a good business?
Moat signal · return on equity
-1027% avg · 4y
FY22 2%FY23 63%FY24 76%FY25 -4250%

It earned an average -1027% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 4y

Share count is up 4% over 4 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.42
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$640,500
  • growthAssumed0.0%
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 2022-12-31 · accession 0001213900-25-042674 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-050402 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-042674 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050402 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-042674 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050402 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-26-050402 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-25-042674 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-050402 (CashAndCashEquivalentsAtCarryingValue)