MeritValue

Fast Track Group

FTRKdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Fast Track Group earns about -55% on invested capital, but has diluted owners by 25% 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 2025FY 2026
Revenue$751,0911$1.7M2
Net income−$335,3103−$4.83M4
Operating cash flow$317,5395−$12.5M6
Capital expenditure$1,6427$226,4138
Free cash flow (derived)$315,8975−$12.8M6
Total debt$5,1029—
Cash & equivalents$198,93810$1.88M11
Diluted shares17.5M21.8M

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
$4.02
your share of equity
Profit it earned you last year
−$2.21
Free cash flow it threw off
−$5.85
Debt you’d be carrying
—

10 shares is a claim on $4.02 of net worth that earned you −$2.21 and generated −$5.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-55% avg · 2y
FY25 —FY26 -55%

It earned an average -55% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+25% shares · 2y

Share count is up 25% over 2 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
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 2025-02-28 · accession 0001641172-25-018907 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2026-02-28 · accession 0001493152-26-031197 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-02-28 · accession 0001641172-25-018907 (NetIncomeLoss)
  4. 20-F · period ending 2026-02-28 · accession 0001493152-26-031197 (NetIncomeLoss)
  5. 20-F · period ending 2025-02-28 · accession 0001641172-25-018907 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2026-02-28 · accession 0001493152-26-031197 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2025-02-28 · accession 0001641172-25-018907 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2026-02-28 · accession 0001493152-26-031197 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-02-28 · accession 0001641172-25-018907 (LongTermDebtCurrent)
  10. 20-F · period ending 2025-02-28 · accession 0001641172-25-018907 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2026-02-28 · accession 0001493152-26-031197 (CashAndCashEquivalentsAtCarryingValue)