MeritValue

DSwiss Inc

DQWSdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

DSwiss Inc earns about 36% on equity, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The applicable estimate puts fair value near $0 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.96M1$1.85M2$1.47M3$3.11M4$2.92M4
Net income$150,1025−$2,9376−$49,5357$22,2238−$76,8608
Operating cash flow$251,6919$22,42810$45,29511$182,55612−$94,30312
Capital expenditure$62,07513$14,37614$37315$105,54916$41,03116
Free cash flow (derived)$189,6169$8,05210$44,92211$77,00712−$135,33412
Total debt—————
Cash & equivalents$234,54617$214,26918$249,11019$397,47620$285,03420
Diluted shares206.9M206.9M206.9M206.9M206.9M

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
−$0
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on −$0 of net worth that earned you −$0 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
36% avg · 5y
FY21 204%FY22 -3%FY23 -88%FY24 30%FY25 —

It earned about 36% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
$0
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$44,922
DCF · Growth Exit 5Y
$0
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$44,922
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0
The three cases
Bear0.0%$0
Base0.0%$0
Bull5.0%$0.01

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009895 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011843 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001448 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013865 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009895 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011843 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001448 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013865 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009895 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011843 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001448 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013865 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009895 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011843 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001448 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013865 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009895 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011843 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001448 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013865 (CashAndCashEquivalentsAtCarryingValue)