MeritValue

Hi-Great Group Holding Co

HIGRdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

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.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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 shares100.0M100.0M100.0M100.0M102.5M

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
−$0.02
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
53% avg · 5y
FY21 53%FY22 53%FY23 —FY24 —FY25 —

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 →
Management signal · capital allocation
+2% shares · 5y

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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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. 10-K/A · period ending 2021-12-31 · accession 0001213900-24-040828 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-045019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-040214 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-061133 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-26-061133 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001213900-24-040828 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-045019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-040214 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-061133 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-22-038831 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-25-040214 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-24-045019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-061133 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)