MeritValue

EvoAir Holdings Inc.

EVOHdata completeness 88%8 fiscal years on file

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

The thesis, from the filings

EvoAir Holdings Inc. earns about -20% on invested capital, but has diluted owners by 803% 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$774,8051$1.19M2$388,0383$314,7194$284,6664
Net income−$1.08M5−$5.23M6−$6.06M7−$25.9M8−$14.6M8
Operating cash flow−$2M9−$1.54M10−$1.67M11−$939,77512−$1.16M12
Capital expenditure$94,04513$561,31514$14,18915$146,26916$16,99116
Free cash flow (derived)−$2.1M9−$2.1M10−$1.69M11−$1.09M12−$1.18M12
Total debt—————
Cash & equivalents$1.71M17$152,30418$779,04919$152,98520$93,32920
Diluted shares3.0M62.2M25.5M25.7M26.8M

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
$15.82
your share of equity
Profit it earned you last year
−$5.45
Free cash flow it threw off
−$0.44
Debt you’d be carrying
—

10 shares is a claim on $15.82 of net worth that earned you −$5.45 and generated −$0.44 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 5y
FY21 —FY22 -6%FY23 -6%FY24 -41%FY25 -28%

It earned an average -20% 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
+803% shares · 5y

Share count is up 803% 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. 10-K · period ending 2021-08-31 · accession 0001493152-22-035443 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0001493152-23-044857 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0001493152-24-048103 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-08-31 · accession 0001493152-25-021801 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-08-31 · accession 0001493152-22-035443 (NetIncomeLoss)
  6. 10-K · period ending 2022-08-31 · accession 0001493152-23-044857 (NetIncomeLoss)
  7. 10-K · period ending 2023-08-31 · accession 0001493152-24-048103 (NetIncomeLoss)
  8. 10-K · period ending 2024-08-31 · accession 0001493152-25-021801 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0001493152-22-035443 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0001493152-23-044857 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-08-31 · accession 0001493152-24-048103 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-08-31 · accession 0001493152-25-021801 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-08-31 · accession 0001493152-22-035443 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-08-31 · accession 0001493152-23-044857 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-08-31 · accession 0001493152-24-048103 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-08-31 · accession 0001493152-25-021801 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-08-31 · accession 0001493152-22-035443 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-08-31 · accession 0001493152-23-044857 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-08-31 · accession 0001493152-24-048103 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-08-31 · accession 0001493152-25-021801 (CashAndCashEquivalentsAtCarryingValue)