MeritValue

FingerMotion, Inc.

FNGRdata completeness 88%12 fiscal years on file
The thesis, from the filings

FingerMotion, Inc. earns about -49% on invested capital, but has diluted owners by 46% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$22.9M1$34.1M2$35.8M3$35.6M4$24.1M4
Net income−$4.94M5−$7.54M6−$3.81M7−$5.11M8−$7.04M8
Operating cash flow−$5.85M9−$8.61M10−$7.33M11−$8.18M12−$3.91M12
Capital expenditure$14,39413$74,81714$37615$4,11516$20,21616
Free cash flow (derived)−$5.86M9−$8.69M10−$7.33M11−$8.18M12−$3.93M12
Total debt—$5.28M17———
Cash & equivalents$461,93318$9.24M19$1.52M20$1.13M21$68,59621
Diluted shares40.8M44.0M52.2M55.6M59.6M

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
$2.55
your share of equity
Profit it earned you last year
−$1.18
Free cash flow it threw off
−$0.66
Debt you’d be carrying
—

10 shares is a claim on $2.55 of net worth that earned you −$1.18 and generated −$0.66 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-49% avg · 5y
FY22 -82%FY23 -61%FY24 -29%FY25 -38%FY26 -37%

It earned an average -49% 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
+46% shares · 5y

Share count is up 46% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2022-02-28 · accession 0001520138-23-000249 (Revenues)
  2. 10-K · period ending 2023-02-28 · accession 0001520138-24-000219 (Revenues)
  3. 10-K · period ending 2024-02-29 · accession 0001520138-25-000162 (Revenues)
  4. 10-K · period ending 2025-02-28 · accession 0001520138-26-000194 (Revenues)
  5. 10-K · period ending 2022-02-28 · accession 0001520138-23-000249 (NetIncomeLoss)
  6. 10-K · period ending 2023-02-28 · accession 0001520138-24-000219 (NetIncomeLoss)
  7. 10-K · period ending 2024-02-29 · accession 0001520138-25-000162 (NetIncomeLoss)
  8. 10-K · period ending 2025-02-28 · accession 0001520138-26-000194 (NetIncomeLoss)
  9. 10-K · period ending 2022-02-28 · accession 0001520138-23-000249 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-02-28 · accession 0001520138-24-000219 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-02-29 · accession 0001520138-25-000162 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-02-28 · accession 0001520138-26-000194 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-02-28 · accession 0001520138-23-000249 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-02-28 · accession 0001520138-24-000219 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-02-29 · accession 0001520138-25-000162 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-02-28 · accession 0001520138-26-000194 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-02-28 · accession 0001520138-23-000249 (DebtCurrent)
  18. 10-K · period ending 2022-02-28 · accession 0001520138-23-000249 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-02-28 · accession 0001520138-24-000219 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-02-29 · accession 0001520138-25-000162 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-02-28 · accession 0001520138-26-000194 (CashAndCashEquivalentsAtCarryingValue)