MeritValue

Helport AI Ltd

HPAIdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Helport AI Ltd earns about 66% on invested capital, but has diluted owners by 23994110% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.92 a share.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 2025
Revenue$2.67M1$12.7M1$29.6M1$34.9M2
Net income$821,9603$4.81M4$7.37M4$1.86M4
Operating cash flow−$83,7805−$454,1216$5.03M6$9.07M6
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$8,4007$142,4017$2.58M8$152,0518
Diluted shares15630.3M30.3M37.4M

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
$4.67
your share of equity
Profit it earned you last year
$0.5
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.67 of net worth that earned you $0.5 last year.

iii. Is this a good business?
Moat signal · return on invested capital
66% avg · 4y
FY22 95%FY23 87%FY24 70%FY25 11%

It earned an average 66% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+23994110% shares · 4y

Share count is up 23994110% 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
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
$0.92
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.34M
  • growthAssumed0.0%
Graham Number
$0.72
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-06-30 · accession 0001213900-24-092865 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-111531 (Revenues)
  3. 20-F · period ending 2022-06-30 · accession 0001213900-24-092865 (NetIncomeLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-111531 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001213900-24-092865 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-111531 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-06-30 · accession 0001213900-25-111531 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 20-F · period ending 2024-06-30 · accession 0001213900-25-111531 (CashAndCashEquivalentsAtCarryingValue)