MeritValue

DAVIS COMMODITIES Ltd

DTCKFdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

DAVIS COMMODITIES Ltd earns about 13% on equity, with a roughly flat share count. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$194.2M1$206.7M2$190.7M3$132.4M3$184.2M3
Net income$4.7M4$4.62M5$1.09M6−$3.53M6−$5.04M6
Operating cash flow$3.22M7−$1.95M8$1.81M9−$777,0009−$1.03M9
Capital expenditure$11,00010$14,00011$296,00012$5,00012$2,00012
Free cash flow (derived)$3.2M7−$1.96M8$1.51M9−$782,0009−$1.03M9
Total debt—————
Cash & equivalents$7.09M13$2.54M14$1.33M15$678,00016$1.4M16
Diluted shares24.5M23.3M24.5M24.5M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
13% avg · 5y
FY21 227%FY22 77%FY23 11%FY24 -52%FY25 -197%

It earned an average 13% on equity over 5 years. Compare that to what it costs to fund the business.

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
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
no diluted share count
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 2021-12-31 · accession 0001683168-24-003504 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001683168-25-002971 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001683168-26-004027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001683168-24-003504 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001683168-25-002971 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001683168-26-004027 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001683168-24-003504 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001683168-25-002971 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001683168-26-004027 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001683168-24-003504 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001683168-25-002971 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001683168-26-004027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001683168-25-002971 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001683168-24-003504 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001683168-25-002971 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001683168-26-004027 (CashAndCashEquivalentsAtCarryingValue)