MeritValue

FUSE GROUP HOLDING INC.

FUSTdata completeness 88%11 fiscal years on file
The thesis, from the filings

FUSE GROUP HOLDING INC. earns about -4134% on equity, and has bought back 79% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$700,0001$200,0002$03$332,0244$45,9424
Net income−$1.02M5−$444,4926−$474,8027−$40,3618−$283,7028
Operating cash flow−$58,4429−$449,84410−$439,77011−$60,00912−$289,89412
Capital expenditure—————
Free cash flow (derived)—————
Total debt$109,00013$106,33714$103,72615$101,19816$97,45317
Cash & equivalents$135,50318$32,99619$26,58820$67,60121$21,16021
Diluted shares64.8M64.8M13.0M13.3M13.3M

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
−$0.34
your share of equity
Profit it earned you last year
−$0.21
Free cash flow it threw off
—
Debt you’d be carrying
$0.07

10 shares is a claim on −$0.34 of net worth that earned you −$0.21 last year, against $0.07 of debt.

iii. Is this a good business?
Moat signal · return on equity
-4134% avg · 5y
FY21 -4134%FY22 —FY23 —FY24 —FY25 —

It earned an average -4134% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−79% shares · 5y

Share count is down 79% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 11% — deleveraging.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2021-09-30 · accession 0001185185-22-001464 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001185185-23-001351 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001185185-24-001223 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0001185185-25-002183 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0001185185-22-001464 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001185185-23-001351 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001185185-24-001223 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001185185-25-002183 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001185185-22-001464 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001185185-23-001351 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001185185-24-001223 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001185185-25-002183 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001185185-22-000174 (LongTermDebt)
  14. 10-K · period ending 2022-09-30 · accession 0001185185-22-001464 (LongTermDebt)
  15. 10-K · period ending 2023-09-30 · accession 0001185185-23-001351 (LongTermDebt)
  16. 10-K · period ending 2024-09-30 · accession 0001185185-24-001223 (LongTermDebt)
  17. 10-K · period ending 2025-09-30 · accession 0001185185-25-002183 (LongTermDebt)
  18. 10-K · period ending 2021-09-30 · accession 0001185185-22-001464 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-09-30 · accession 0001185185-23-001351 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-09-30 · accession 0001185185-24-001223 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-09-30 · accession 0001185185-25-002183 (CashAndCashEquivalentsAtCarryingValue)