Garden Stage Ltd

GSIWdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

Garden Stage Ltd earns about -130% on equity, but has diluted owners by 70% over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$2.31M¹	$3.26M¹	$1.41M¹	$5.47M²
Net income	−$510,905³	−$207,169⁴	−$4.59M⁴	−$4.32M⁴
Operating cash flow	−$6.92M⁵	−$1.88M⁶	−$7.09M⁶	−$1.15M⁶
Capital expenditure	$18,313⁷	$22,194⁸	$1,448⁸	$218,235⁸
Free cash flow (derived)	−$6.94M⁵	−$1.9M⁶	−$7.09M⁶	−$1.37M⁶
Total debt	—	—	—	—
Cash & equivalents	$7.84M⁹	$6.32M⁹	$8.94M⁹	$7.89M⁹
Diluted shares	9.2M	11.5M	13.6M	15.6M

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

Net assets behind them

$4.29

your share of equity

Profit it earned you last year

−$2.76

Free cash flow it threw off

−$0.87

Debt you’d be carrying

—

10 shares is a claim on $4.29 of net worth that earned you −$2.76 and generated −$0.87 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-130% avg · 4y

FY22 -397%FY23 -11%FY24 -49%FY25 -64%

It earned an average -130% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+70% shares · 4y

Share count is up 70% over 4 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

$1.64

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (RevenueFromContractWithCustomerIncludingAssessedTax)
20-F · period ending 2025-03-31 · accession 0001213900-25-069993 (Revenues)
20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (NetIncomeLoss)
20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (NetIncomeLoss)
20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2022-03-31 · accession 0001213900-25-069993 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)