Hi-Great Group Holding Co earns about 53% on equity, but has diluted owners by 2% 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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $264,1941 | $207,8542 | $109,4913 | $69,2104 | $36,9584 |
| Net income | $2,5795 | $3,3005 | −$121,7585 | −$48,6165 | −$87,2085 |
| Operating cash flow | $77,5896 | −$84,6127 | −$40,4358 | $36,8009 | −$89,6099 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $113,16910 | $30,57711 | $73312 | $2,14013 | $52113 |
| Diluted shares | 100.0M | 100.0M | 100.0M | 100.0M | 102.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$0.02 of net worth that earned you −$0.01 last year.
It earned an average 53% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 2% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K/A filed 2024-05-08 · period ending 2021-12-31 · accession 0001213900-24-040828 (Revenues)
- 10-K filed 2024-05-20 · period ending 2022-12-31 · accession 0001213900-24-045019 (Revenues)
- 10-K filed 2025-05-06 · period ending 2023-12-31 · accession 0001213900-25-040214 (Revenues)
- 10-K filed 2026-05-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-061133 (Revenues)
- 10-K filed 2026-05-27 · periods ending 2021-12-31, 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-061133 (NetIncomeLoss)
- 10-K/A filed 2024-05-08 · period ending 2021-12-31 · accession 0001213900-24-040828 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-05-20 · period ending 2022-12-31 · accession 0001213900-24-045019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-05-06 · period ending 2023-12-31 · accession 0001213900-25-040214 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-05-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-061133 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2022-07-12 · period ending 2021-12-31 · accession 0001213900-22-038831 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-05-06 · period ending 2022-12-31 · accession 0001213900-25-040214 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2024-05-20 · period ending 2023-12-31 · accession 0001213900-24-045019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-05-27 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-061133 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)