MeritValue

Fitness Champs Holdings Ltd

FCHLdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Fitness Champs Holdings Ltd earns about 484% on equity, but has diluted owners by 18% over 2 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 2024FY 2025
Revenue$3.09M1$3.23M2
Net income$126,0003−$1.06M4
Operating cash flow$61,0005$447,0006
Capital expenditure$24,0007$1,0008
Free cash flow (derived)$37,0005$446,0006
Total debt——
Cash & equivalents$230,0009$1.55M10
Diluted shares8,1979,634

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
$620.72
your share of equity
Profit it earned you last year
−$1,103.38
Free cash flow it threw off
$462.94
Debt you’d be carrying
—

10 shares is a claim on $620.72 of net worth that earned you −$1,103.38 and generated $462.94 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
484% avg · 2y
FY24 1145%FY25 -178%

It earned an average 484% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 2y

Share count is up 18% over 2 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001641172-25-010189 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-023516 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-010189 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-023516 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-010189 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-023516 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-010189 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-023516 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-010189 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-023516 (CashAndCashEquivalentsAtCarryingValue)