MeritValue

Golden Sun Technology Group Ltd.

GSUNdata completeness 100%6 fiscal years on file
The thesis, from the filings

Golden Sun Technology Group Ltd. earns about 831% on invested capital, and has bought back 78% of its shares over 5 years. 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$15M1$10.8B2$2.59M3$6.09M3$35.5M3
Net income$1.98M4−$2.14B5−$5.79M6−$3.71M6−$5.09M6
Operating cash flow$31,8937$910.3M8−$4.22M9−$4.9M9−$9.32M9
Capital expenditure$91,14510$174.1M11$41,86512$47,11012$9,36712
Free cash flow (derived)−$59,2527$736.2M8−$4.26M9−$4.95M9−$9.33M9
Total debt$2.1M13$6.06M14$6.45B15$6.67M16$7.05M16
Cash & equivalents$1.19M17$20.3M17$5.64M18$737,02018$775,33418
Diluted shares13.0M1.4M1.9M2.0M2.8M

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
$32.57
your share of equity
Profit it earned you last year
−$17.86
Free cash flow it threw off
−$32.74
Debt you’d be carrying
$24.75

10 shares is a claim on $32.57 of net worth that earned you −$17.86 and generated −$32.74 of cash last year, against $24.75 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
831% avg · 5y
FY21 —FY22 —FY23 -0%FY24 2523%FY25 -30%

It earned an average 831% 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
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 236% 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
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 2021-09-30 · accession 0001213900-24-011180 (Revenues)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-25-013985 (Revenues)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-26-015723 (Revenues)
  4. 20-F · period ending 2021-09-30 · accession 0001213900-24-011180 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001213900-25-013985 (NetIncomeLoss)
  6. 20-F · period ending 2023-09-30 · accession 0001213900-26-015723 (NetIncomeLoss)
  7. 20-F · period ending 2021-09-30 · accession 0001213900-24-011180 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0001213900-25-013985 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-09-30 · accession 0001213900-26-015723 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-09-30 · accession 0001213900-24-011180 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-09-30 · accession 0001213900-25-013985 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-09-30 · accession 0001213900-26-015723 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-09-30 · accession 0001213900-23-011643 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-09-30 · accession 0001213900-24-011180 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-09-30 · accession 0001213900-25-013985 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-09-30 · accession 0001213900-26-015723 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-09-30 · accession 0001213900-23-011643 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-09-30 · accession 0001213900-26-015723 (CashAndCashEquivalentsAtCarryingValue)