MeritValue

Fly-E Group, Inc.

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

Fly-E Group, Inc. earns about 3% 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−$11.7M8−$13.9M8
Total debt$412,22411$1.21M12$100,83513$6.07M13
Cash & equivalents$358,89414$1.4M15$840,10215$265,23616
Diluted shares22.0M4.4M241,0501.1M

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
$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
$54.95

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 $54.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 4y
FY23 56%FY24 30%FY25 -40%FY26 -36%

It earned an average 3% 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 1372% 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 v0.1.0
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 2023-03-31 · accession 0001213900-24-056786 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2025-03-31 · accession 0001213900-26-080973 (Revenues)
  3. 10-K · period ending 2023-03-31 · accession 0001213900-24-056786 (NetIncomeLoss)
  4. 10-K · period ending 2024-03-31 · accession 0001213900-25-064293 (NetIncomeLoss)
  5. 10-K · period ending 2025-03-31 · accession 0001213900-26-080973 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-056786 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-064293 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-080973 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001213900-25-064293 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2025-03-31 · accession 0001213900-26-080973 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001213900-24-056786 (LongTermDebtCurrent)
  12. 10-K · period ending 2024-03-31 · accession 0001213900-25-064293 (LongTermDebtCurrent)
  13. 10-K · period ending 2025-03-31 · accession 0001213900-26-080973 (LongTermDebtCurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-25-064293 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-064293 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2026-03-31 · accession 0001213900-26-080973 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)