MeritValue

Gorilla Technology Group Inc.

GRRRdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Gorilla Technology Group Inc. earns about -109% on invested capital, but has diluted owners by 193% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$45.4M1$42.2M2$22.4M3$64.7M3$74.7M3
Net income−$5.92M4−$8.55M5−$87.5M6$13.5M6−$64.8M6
Operating cash flow−$1.95M7$1.62M8−$8.77M9−$9.43M9−$29.6M9
Capital expenditure$4.12M10$7.5M11$2.94M12$297,35712$542,55912
Free cash flow (derived)−$6.07M7−$5.87M8−$11.7M9−$9.73M9−$30.2M9
Total debt—$10.8M13$8.25M13——
Cash & equivalents$12.2M14$9.94M15$23M15$5.31M15$21.7M15
Diluted shares6.2M3.0M68.5M75.7M18.1M

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
$40.48
your share of equity
Profit it earned you last year
−$35.88
Free cash flow it threw off
−$16.72
Debt you’d be carrying
—

10 shares is a claim on $40.48 of net worth that earned you −$35.88 and generated −$16.72 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-109% avg · 5y
FY20 11%FY21 15%FY22 -499%FY23 28%FY24 -102%

It earned an average -109% 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
+193% shares · 5y

Share count is up 193% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 23% — 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
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. 20-F · period ending 2020-12-31 · accession 0001213900-23-033461 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-043724 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-037703 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001213900-23-033461 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-043724 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-037703 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001213900-23-033461 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-043724 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-037703 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-23-033461 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-043724 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-037703 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-033461 (Borrowings)
  14. 20-F · period ending 2020-12-31 · accession 0001213900-24-043724 (CashAndCashEquivalents)
  15. 20-F · period ending 2021-12-31 · accession 0001213900-25-037703 (CashAndCashEquivalents)