MeritValue

Global Mofy AI Ltd

GMMdata completeness 88%5 fiscal years on file
The thesis, from the filings

Global Mofy AI Ltd earns about 31% on invested capital, but has diluted owners by 9% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14.3M1$1.15M2$345,8382$41.4M3$55.9M3
Net income$1.42M4−$267,2225$6.55M6$12.1M6−$19.3M6
Operating cash flow−$1.47M7−$1.14M8$5.78M9$18.1M9$22.1M9
Capital expenditure$51,68310$28,83911$9,78212$5,55212$13,57912
Free cash flow (derived)−$1.52M7−$1.17M8$5.77M9$18.1M9$22.1M9
Total debt$310,39513$1.53M13$2.44M14$5.4M15$3.37M15
Cash & equivalents$1.09M16$1.14M17$10.4M17$11.1M18$4.17M18
Diluted shares23.0M23.4M25.0M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
31% avg · 5y
FY21 100%FY22 -4%FY23 51%FY24 31%FY25 -24%

It earned an average 31% 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
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 984% over the same window.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-09-30 · accession 0001213900-24-008515 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-24-008515 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-09-30 · accession 0001213900-26-002984 (Revenues)
  4. 20-F · period ending 2021-09-30 · accession 0001213900-24-008515 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001213900-25-000430 (NetIncomeLoss)
  6. 20-F · period ending 2023-09-30 · accession 0001213900-26-002984 (NetIncomeLoss)
  7. 20-F · period ending 2021-09-30 · accession 0001213900-24-008515 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0001213900-25-000430 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-09-30 · accession 0001213900-26-002984 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-09-30 · accession 0001213900-24-008515 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-09-30 · accession 0001213900-25-000430 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-09-30 · accession 0001213900-26-002984 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-09-30 · accession 0001213900-24-008515 (ShortTermBorrowings)
  14. 20-F · period ending 2023-09-30 · accession 0001213900-25-000430 (ShortTermBorrowings)
  15. 20-F · period ending 2024-09-30 · accession 0001213900-26-002984 (ShortTermBorrowings)
  16. 20-F · period ending 2021-09-30 · accession 0001213900-25-000430 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2022-09-30 · accession 0001213900-24-008515 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-09-30 · accession 0001213900-26-002984 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)