MeritValue

Epsium Enterprise Ltd

EPSMdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Epsium Enterprise Ltd earns about 20% on invested capital, 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$11.2M1$29.2M2$12.5M2$5.12M2
Net income$1.12M3$3.67M4$274,8574−$1.5M4
Operating cash flow$1.4M5$1.86M6−$1.39M6−$2.38M6
Capital expenditure$4,2187$7708$83,1768$4,1568
Free cash flow (derived)$1.39M5$1.86M6−$1.48M6−$2.38M6
Total debt$29———
Cash & equivalents$525,56110$1.32M10$148,82810$1.98M10
Diluted shares12.0M12.0M12.0M—

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 invested capital
20% avg · 4y
FY22 31%FY23 57%FY24 4%FY25 -12%

It earned an average 20% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% 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
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 2022-12-31 · accession 0001213900-25-037751 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-049163 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-037751 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-049163 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-037751 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-049163 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-037751 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-049163 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-037751 (ShortTermBorrowings)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-26-049163 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)