MeritValue

HWH International Inc.

HWHdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

HWH International Inc. earns about -100% on equity, but has diluted owners by 327910% 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 2022FY 2023FY 2023FY 2024FY 2025
Revenue——$1,1841$1.25M2$866,9263
Net income$113,5414$548,8734−$1.08M5−$2.75M6−$2.63M6
Operating cash flow−$514,0717−$1.52M7−$2.6M8−$1.82M9−$1.75M9
Capital expenditure——$14,57410$30,39411$19,46411
Free cash flow (derived)——−$2.61M8−$1.85M9−$1.77M9
Total debt—————
Cash & equivalents$1.17M12—$1.16M13$4.34M14$2.09M14
Diluted shares——2,0003.6M6.6M

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
$3.99
your share of equity
Profit it earned you last year
−$4.01
Free cash flow it threw off
−$2.7
Debt you’d be carrying
—

10 shares is a claim on $3.99 of net worth that earned you −$4.01 and generated −$2.7 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-100% avg · 5y
FY22 —FY23 —FY23 —FY24 -99%FY25 -100%

It earned an average -100% 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
+327910% shares · 5y

Share count is up 327910% 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
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. 10-K · period ending 2023-12-31 · accession 0001641172-25-001707 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001641172-25-001707 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-012738 (Revenues)
  4. 10-K · period ending 2022-11-30 · accession 0001493152-24-008191 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001707 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-012738 (NetIncomeLoss)
  7. 10-K · period ending 2022-11-30 · accession 0001493152-24-008191 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001707 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-012738 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001707 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-012738 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-11-30 · accession 0001493152-23-006018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001707 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-012738 (CashAndCashEquivalentsAtCarryingValue)