MeritValue

Global Engine Group Holding Ltd

GLEdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Global Engine Group Holding Ltd earns about 16% on invested capital, but has diluted owners by 11% 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 2024FY 2025
Revenue$6.33M1$2.94M2
Net income$332,4033−$743,7364
Operating cash flow$2315−$1.17M6
Capital expenditure—$168,8107
Free cash flow (derived)—−$1.34M6
Total debt——
Cash & equivalents$1.08M8$3.21M9
Diluted shares16.0M17.8M

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
$4.54
your share of equity
Profit it earned you last year
−$0.42
Free cash flow it threw off
−$0.76
Debt you’d be carrying
—

10 shares is a claim on $4.54 of net worth that earned you −$0.42 and generated −$0.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 2y
FY24 45%FY25 -14%

It earned an average 16% 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
+11% shares · 2y

Share count is up 11% over 2 years — owners have been diluted. Worth asking what they got for it.

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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2024-06-30 · accession 0001213900-24-092864 (Revenues)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-100480 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-06-30 · accession 0001213900-24-092864 (NetIncomeLoss)
  4. 20-F · period ending 2025-06-30 · accession 0001213900-25-100480 (NetIncomeLoss)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-24-092864 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-25-100480 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2025-06-30 · accession 0001213900-25-100480 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-06-30 · accession 0001213900-24-092864 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2025-06-30 · accession 0001213900-25-100480 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)