MeritValue

Fly-E Group, Inc.

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

Fly-E Group, Inc. earns about 8% on invested capital, and has bought back 95% of its shares over 4 years. 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 2023FY 2024FY 2025FY 2026
Revenue$21.8M1$32.2M1$25.4M2$19.1M2
Net income$1.38M3$1.9M4−$5.29M5−$9.26M5
Operating cash flow$1.76M6$4.31M7−$10.1M8−$13.8M8
Capital expenditure—$1.25M9$1.63M10$74,60910
Free cash flow (derived)—$3.06M7,9−$11.7M8,10−$13.9M8,10
Total debt$412,22411$1.21M12$5.29M13,14$9.91M15,14
Cash & equivalents$358,89416$1.4M17$840,10217$265,23618
Diluted shares22.0M4.4M241,0501.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$157.92
your share of equity
Profit it earned you last year
−$83.82
Free cash flow it threw off
−$126.07
Debt you’d be carrying
$89.74

10 shares is a claim on $157.92 of net worth that earned you −$83.82 and generated −$126.07 of cash last year, against $89.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 4y
FY23 56%FY24 30%FY25 -25%FY26 -31%

It earned an average 8% 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
−95% shares · 4y

Share count is down 95% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 2304% over the same window.

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 v0.6.0
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 →

Beyond this page

This page is free, and so is every other company on MeritValue.

In your AI assistant

Connect the MeritValue MCP server to Claude or another MCP client, ask about Fly-E Group, Inc., and get these exact figures with their filing receipts — not an improvised DCF.

Get a free key →
Screen by model

Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.

See pricing →
On iPhone

Follow FLYE and keep your own price beside the value. The same engine, with the same receipts.

MeritValue on the App Store →
Sources — the receipts
  1. 10-K filed 2024-06-28 · periods ending 2023-03-31, 2024-03-31 · accession 0001213900-24-056786 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2026-07-23 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-080973 (Revenues)
  3. 10-K filed 2024-06-28 · period ending 2023-03-31 · accession 0001213900-24-056786 (NetIncomeLoss)
  4. 10-K filed 2025-07-15 · period ending 2024-03-31 · accession 0001213900-25-064293 (NetIncomeLoss)
  5. 10-K filed 2026-07-23 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-080973 (NetIncomeLoss)
  6. 10-K filed 2024-06-28 · period ending 2023-03-31 · accession 0001213900-24-056786 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2025-07-15 · period ending 2024-03-31 · accession 0001213900-25-064293 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2026-07-23 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-080973 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2025-07-15 · period ending 2024-03-31 · accession 0001213900-25-064293 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K filed 2026-07-23 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-080973 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2024-06-28 · period ending 2023-03-31 · accession 0001213900-24-056786 (LongTermDebtCurrent)
  12. 10-K filed 2025-07-15 · period ending 2024-03-31 · accession 0001213900-25-064293 (LongTermDebtCurrent)
  13. 10-K filed 2026-07-23 · period ending 2025-03-31 · accession 0001213900-26-080973 (LongTermDebtCurrent)
  14. 10-K filed 2026-07-23 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-080973 (ShortTermBankLoansAndNotesPayable)
  15. 10-K filed 2026-07-23 · period ending 2026-03-31 · accession 0001213900-26-080973 (LongTermDebt)
  16. 10-K filed 2025-07-15 · period ending 2023-03-31 · accession 0001213900-25-064293 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K filed 2025-07-15 · periods ending 2024-03-31, 2025-03-31 · accession 0001213900-25-064293 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2026-07-23 · period ending 2026-03-31 · accession 0001213900-26-080973 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)