MeritValue

Galaxy Payroll Group Ltd

GLXGdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

Galaxy Payroll Group Ltd earns about -8% on equity, but has diluted owners by 13% 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$3.86M1$3.49M2
Net income$705,0813−$3.51M4
Operating cash flow$861,3285−$3.53M6
Capital expenditure$7,6147$8,0718
Free cash flow (derived)$853,7145−$3.54M6
Total debt——
Cash & equivalents$1.39M9$4.1M10
Diluted shares1.6M1.8M

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
$19.12
your share of equity
Profit it earned you last year
−$19.45
Free cash flow it threw off
−$19.59
Debt you’d be carrying
—

10 shares is a claim on $19.12 of net worth that earned you −$19.45 and generated −$19.59 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-8% avg · 2y
FY24 85%FY25 -102%

It earned an average -8% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 2y

Share count is up 13% 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 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 2024-06-30 · accession 0001213900-24-095660 (Revenues)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-102144 (Revenues)
  3. 20-F · period ending 2024-06-30 · accession 0001213900-24-095660 (NetIncomeLoss)
  4. 20-F · period ending 2025-06-30 · accession 0001213900-25-102144 (NetIncomeLoss)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-24-095660 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-25-102144 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-06-30 · accession 0001213900-24-095660 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-06-30 · accession 0001213900-25-102144 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-06-30 · accession 0001213900-24-095660 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-06-30 · accession 0001213900-25-102144 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)