MeritValue

Garden Stage Ltd

GSIWdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Garden Stage Ltd earns about -116% on equity, 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$2.31M1$3.26M1$1.41M1$5.47M2$7.28M2
Net income−$510,9053−$207,1694−$4.59M5−$4.32M5−$13.8M5
Operating cash flow−$6.92M6−$1.88M7−$7.09M8−$1.15M8−$4.23M8
Capital expenditure$18,3139$22,19410$1,44810$218,23510—
Free cash flow (derived)−$6.94M6−$1.9M7−$7.09M8−$1.37M8—
Total debt—————
Cash & equivalents$7.84M11$6.32M12$8.94M12$7.89M12$17.5M12
Diluted shares9.2M11.5M9.3M9.3M10.0M

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
$24.22
your share of equity
Profit it earned you last year
−$13.84
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $24.22 of net worth that earned you −$13.84 last year.

iii. Is this a good business?
Moat signal · return on equity
-116% avg · 5y
FY22 -397%FY23 -11%FY24 -49%FY25 -64%FY26 -57%

It earned an average -116% on equity 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.

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 v0.5.0
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
$8.67
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-26-083626 (Revenues)
  3. 20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-26-083626 (NetIncomeLoss)
  6. 20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-26-083626 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-03-31 · accession 0001013762-24-003078 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-03-31 · accession 0001213900-25-069993 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-03-31 · accession 0001213900-25-069993 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2023-03-31 · accession 0001213900-26-083626 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)