MeritValue

Intelligent Living Application Group Inc.

ILAGdata completeness 100%6 fiscal years on file
The thesis, from the filings

Intelligent Living Application Group Inc. earns about -70% on invested capital, and has bought back 84% of its shares over 5 years. 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$12.5M1$12.2M2$6.44M3$7.51M3$4.49M3
Net income−$1.39M4−$1.66M5−$3.5M6−$3.69M6−$19.3M6
Operating cash flow−$1.04M7−$4.17M8−$3.16M9−$3.04M9−$2.43M9
Capital expenditure$9,75810$4.18M11$1.36M12$115,16112$23,90112
Free cash flow (derived)−$1.05M7−$8.35M8−$4.52M9−$3.16M9−$2.45M9
Total debt—$619,01713$464,04114$419,48415$1.58M16
Cash & equivalents$131,12917$9.17M18$4.48M19$1.28M20$645,93920
Diluted shares13.0M15.3M1.8M1.8M2.0M

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
$23.85
your share of equity
Profit it earned you last year
−$95
Free cash flow it threw off
−$12.05
Debt you’d be carrying
$7.74

10 shares is a claim on $23.85 of net worth that earned you −$95 and generated −$12.05 of cash last year, against $7.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-70% avg · 5y
FY21 -32%FY22 -12%FY23 -22%FY24 -24%FY25 -263%

It earned an average -70% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−84% shares · 5y

Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 155% over the same window.

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. 20-F · period ending 2021-12-31 · accession 0001493152-24-017261 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-006445 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-018930 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-017261 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-006445 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-018930 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-017261 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-006445 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-018930 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-017261 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-006445 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-018930 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2022-12-31 · accession 0001410578-23-000841 (LongTermDebt)
  14. 20-F · period ending 2023-12-31 · accession 0001493152-24-017261 (LongTermDebt)
  15. 20-F · period ending 2024-12-31 · accession 0001641172-25-006445 (LongTermDebt)
  16. 20-F · period ending 2025-12-31 · accession 0001493152-26-018930 (LongTermDebt)
  17. 20-F · period ending 2021-12-31 · accession 0001410578-23-000841 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-12-31 · accession 0001493152-24-017261 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-12-31 · accession 0001641172-25-006445 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2024-12-31 · accession 0001493152-26-018930 (CashAndCashEquivalentsAtCarryingValue)