HomesToLife Ltd
HTLMdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
HomesToLife Ltd earns about 336% on invested capital, far above its ~9% cost of capital, but has diluted owners by 577% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $1.08 and $8.4 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $5.97M1 | $326M2 | $335.1M2 | $377.9M2 |
| Net income | $814,7273 | $10.3M4 | $8.42M4 | $16.6M4 |
| Operating cash flow | $1.73M5 | $18.8M6 | $384,5386 | $13.5M6 |
| Capital expenditure | $14,5617 | $275,7428 | $515,5098 | $1.14M8 |
| Free cash flow (derived) | $1.72M5 | $18.6M6 | −$130,9716 | $12.3M6 |
| Total debt | — | — | $15.3M9 | $10.4M9 |
| Cash & equivalents | $36.2M10 | $1.37M11 | $24.9M12 | $27.3M12 |
| Diluted shares | 13.3M | 88.3M | 89.7M | 89.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3.1 of net worth that earned you $1.85 and generated $1.38 of cash last year, against $1.16 of debt.
It earned about 336% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 577% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 32% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.08 and $8.4 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$12.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$12.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$9.37M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.15 |
| Base | 20.0% | $4.68 |
| Bull | 20.0% | $4.68 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F/A · period ending 2022-12-31 · accession 0001641172-25-003642 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F/A · period ending 2023-12-31 · accession 0001493152-26-028303 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F/A · period ending 2022-12-31 · accession 0001641172-25-003642 (NetIncomeLoss)
- 20-F/A · period ending 2023-12-31 · accession 0001493152-26-028303 (NetIncomeLoss)
- 20-F/A · period ending 2022-12-31 · accession 0001641172-25-003642 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A · period ending 2023-12-31 · accession 0001493152-26-028303 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A · period ending 2022-12-31 · accession 0001641172-25-003642 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2023-12-31 · accession 0001493152-26-028303 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2024-12-31 · accession 0001493152-26-028303 (ShortTermBorrowings)
- 20-F/A · period ending 2022-12-31 · accession 0001493152-26-028303 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F/A · period ending 2023-12-31 · accession 0001641172-25-003642 (CashAndCashEquivalentsAtCarryingValue)
- 20-F/A · period ending 2024-12-31 · accession 0001493152-26-028303 (CashAndCashEquivalentsAtCarryingValue)