MeritValue

Elong Power Holding Ltd.

ELPWdata completeness 75%4 fiscal years on file
The thesis, from the filings

Elong Power Holding Ltd. earns about -761% 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 2022FY 2023FY 2024FY 2025
Revenue$6.82M1$3.16M1$386,9401$2.05M2
Net income−$9.77M3−$7.45M4−$30.1M4−$5.57M4
Operating cash flow−$4.6M5−$5.69M6−$2.82M6−$2.66M6
Capital expenditure$1.15M7$548,9318$9768$160,9118
Free cash flow (derived)−$5.76M5−$6.24M6−$2.82M6−$2.83M6
Total debt—$246,4829——
Cash & equivalents$918,35910$75611$146,51411$443,67811
Diluted shares45.0M45.0M45.6M—

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
-761% avg · 4y
FY22 —FY23 -761%FY24 —FY25 —

It earned an average -761% 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
+1% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has held roughly steady.

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 2022-12-31 · accession 0001493152-25-014353 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-018104 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001493152-25-014353 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-018104 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001493152-25-014353 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-018104 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001493152-25-014353 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-26-018104 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-25-014353 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-25-014353 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-12-31 · accession 0001493152-26-018104 (CashAndCashEquivalentsAtCarryingValue)