MeritValue

EpicQuest Education Group International Ltd

EEIQdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

EpicQuest Education Group International Ltd earns about -120% on invested capital, but has diluted owners by 69% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.34M1$6.33M2$3.21M3$4.03M3$8.94M4
Net income−$1.08M5−$5.96M6−$6.66M7−$5.99M7−$2.43M7
Operating cash flow$322,1908−$4.61M9−$5.25M10−$9.48M10−$2.95M10
Capital expenditure$618,52911$51,41012$14,23113$40,34313$292,84213
Free cash flow (derived)−$296,3398−$4.67M9−$5.27M10−$9.52M10−$3.24M10
Total debt—————
Cash & equivalents$16.5M14$11.4M15$4.97M16$1.15M17$4.75M17
Diluted shares9.2M11.0M11.7M12.6M15.5M

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
$5.69
your share of equity
Profit it earned you last year
−$1.57
Free cash flow it threw off
−$2.09
Debt you’d be carrying
—

10 shares is a claim on $5.69 of net worth that earned you −$1.57 and generated −$2.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-120% avg · 5y
FY21 —FY22 -172%FY23 -124%FY24 -136%FY25 -49%

It earned an average -120% 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
+69% shares · 5y

Share count is up 69% over 5 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 2021-09-30 · accession 0001213900-24-008467 (Revenues)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-25-008906 (Revenues)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-25-008906 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2025-09-30 · accession 0001213900-26-008859 (Revenues)
  5. 20-F · period ending 2021-09-30 · accession 0001213900-24-008467 (NetIncomeLoss)
  6. 20-F · period ending 2022-09-30 · accession 0001213900-25-008906 (NetIncomeLoss)
  7. 20-F · period ending 2023-09-30 · accession 0001213900-26-008859 (NetIncomeLoss)
  8. 20-F · period ending 2021-09-30 · accession 0001213900-24-008467 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-09-30 · accession 0001213900-25-008906 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-09-30 · accession 0001213900-26-008859 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2021-09-30 · accession 0001213900-24-008467 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-09-30 · accession 0001213900-25-008906 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-09-30 · accession 0001213900-26-008859 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2021-09-30 · accession 0001213900-23-003836 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-09-30 · accession 0001213900-24-008467 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-09-30 · accession 0001213900-25-008906 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-09-30 · accession 0001213900-26-008859 (CashAndCashEquivalentsAtCarryingValue)