MeritValue

Big Tree Cloud Holdings Ltd

DSYdata completeness 88%4 fiscal years on file
The thesis, from the filings

Big Tree Cloud Holdings Ltd earns about -6376% on equity, but has diluted owners by 63% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$1.94M1$6.29M2$7.32M2$2.56M2
Net income−$1.89M3$279,5654$640,4854−$32.5M4
Operating cash flow−$1.91M5$8.81M6−$1.51M6−$6.49M6
Capital expenditure$24,2187$4.62M8$288,7028$518,2628
Free cash flow (derived)−$1.93M5$4.18M6−$1.8M6−$7M6
Total debt————
Cash & equivalents$363,5359$3.19M9$748,09910$1.68M10
Diluted shares50.0M50.0M52.0M81.3M

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
$0.02
your share of equity
Profit it earned you last year
−$4
Free cash flow it threw off
−$0.86
Debt you’d be carrying
—

10 shares is a claim on $0.02 of net worth that earned you −$4 and generated −$0.86 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-6376% avg · 4y
FY22 -418%FY23 48%FY24 —FY25 -18757%

It earned an average -6376% 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
+63% shares · 4y

Share count is up 63% 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
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 2022-06-30 · accession 0001213900-24-090783 (Revenues)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-104178 (Revenues)
  3. 20-F · period ending 2022-06-30 · accession 0001213900-24-090783 (NetIncomeLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-104178 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001213900-24-090783 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-104178 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-06-30 · accession 0001213900-24-090783 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-06-30 · accession 0001213900-25-104178 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-06-30 · accession 0001213900-25-104178 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 20-F · period ending 2024-06-30 · accession 0001213900-25-104178 (CashAndCashEquivalentsAtCarryingValue)