MeritValue

Greenpro Capital Corp.

GRNQdata completeness 88%13 fiscal years on file
The thesis, from the filings

Greenpro Capital Corp. earns about -27% on invested capital, but has diluted owners by 16% 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$2.95M1$3.67M2$3.48M3$3.5M4$2.07M4
Net income−$14.3M5−$6.35M6$1.07M7−$715,2848−$2.98M8
Operating cash flow−$2.02M9−$2.4M10−$1.59M11−$1.36M12−$1.79M12
Capital expenditure$39,34913$3,01614$85,06915$5,06816$2,78816
Free cash flow (derived)−$2.06M9−$2.41M10−$1.68M11−$1.37M12−$1.79M12
Total debt—————
Cash & equivalents$5.34M17$3.91M18$2.22M19$1.12M20$636,65920
Diluted shares6.9M7.9M7.7M7.6M8.0M

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
$4.44
your share of equity
Profit it earned you last year
−$3.72
Free cash flow it threw off
−$2.24
Debt you’d be carrying
—

10 shares is a claim on $4.44 of net worth that earned you −$3.72 and generated −$2.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-27% avg · 5y
FY21 -8%FY22 -59%FY23 27%FY24 -14%FY25 -80%

It earned an average -27% 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
+16% shares · 5y

Share count is up 16% over 5 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2021-12-31 · accession 0001493152-23-009928 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011639 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-003336 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013446 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009928 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011639 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-003336 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013446 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009928 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011639 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-003336 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013446 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009928 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011639 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-003336 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013446 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009928 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011639 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-003336 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013446 (CashAndCashEquivalentsAtCarryingValue)