MeritValue

Skillful Craftsman Education Technology Ltd

EDTKdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'

The thesis, from the filings

Skillful Craftsman Education Technology Ltd earns about -28% on invested capital, but has diluted owners by 22% over 5 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 2025FY 2026
Revenue$23.1M1$1.07M2$2M1$893,6903$14,1333
Net income−$1.4M4−$20.9M5−$4.72M6−$7.58M6−$8.5M6
Operating cash flow$4.83M7−$2.56M8−$2.66M9−$4.01M9−$1.3M9
Capital expenditure$512,79710————
Free cash flow (derived)$4.32M7————
Total debt$14.8M11$13.7M12$13.3M12——
Cash & equivalents$23.8M13$21M14$745,57215$1.22M15$243,20416
Diluted shares13.7M14.9M15.4M15.9M16.8M

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
$4.05
your share of equity
Profit it earned you last year
−$5.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.05 of net worth that earned you −$5.07 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 5y
FY22 -1%FY23 -7%FY24 -10%FY25 -18%FY26 -102%

It earned an average -28% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 11% — 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 v0.5.0
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
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 2022-03-31 · accession 0001493152-24-032909 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2025-03-31 · accession 0001493152-26-037431 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001493152-26-037431 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001493152-26-037431 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F/A · period ending 2022-03-31 · accession 0001410578-23-001984 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-03-31 · accession 0001493152-24-032909 (LongTermDebtNoncurrent)
  13. 20-F/A · period ending 2022-03-31 · accession 0001410578-23-001984 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-03-31 · accession 0001493152-24-032909 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-03-31 · accession 0001641172-25-022783 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2026-03-31 · accession 0001493152-26-037431 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)