MeritValue

FBS Global Ltd

FBGLdata completeness 100%4 fiscal years on file
The thesis, from the filings

FBS Global Ltd earns about -14% on invested capital, but has diluted owners by 19% over 4 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 2025
Revenue—$16.1M1$10.4M2$19.1M3
Net income$51,4704$3,5165−$610,7755−$1.51M5
Operating cash flow—$2.69M6−$91,5557−$3.04M8
Capital expenditure—$2,4109$56,35310$58,49111
Free cash flow (derived)—$2.69M6−$147,9087−$3.1M8
Total debt—$3.55M12$1.27M13$192,51814
Cash & equivalents—$3.32M15$2.24M16$3.94M17
Diluted shares11.3M11.3M11.3M13.4M

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
$7.16
your share of equity
Profit it earned you last year
−$1.13
Free cash flow it threw off
−$2.32
Debt you’d be carrying
$0.14

10 shares is a claim on $7.16 of net worth that earned you −$1.13 and generated −$2.32 of cash last year, against $0.14 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 4y
FY22 —FY23 1%FY24 -23%FY25 -20%

It earned an average -14% 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
+19% shares · 4y

Share count is up 19% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 95% — 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 v0.1.0
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 2023-12-31 · accession 0001493152-24-025512 (Revenues)
  2. 20-F · period ending 2024-12-31 · accession 0001641172-25-010641 (Revenues)
  3. 20-F · period ending 2025-12-31 · accession 0001493152-26-020758 (Revenues)
  4. 20-F · period ending 2022-12-31 · accession 0001641172-25-010641 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001493152-26-020758 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-24-025512 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-010641 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-020758 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-24-025512 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2024-12-31 · accession 0001641172-25-010641 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2025-12-31 · accession 0001493152-26-020758 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-24-025512 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001641172-25-010641 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2025-12-31 · accession 0001493152-26-020758 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001493152-24-025512 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2024-12-31 · accession 0001641172-25-010641 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2025-12-31 · accession 0001493152-26-020758 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)