MeritValue

INNO HOLDINGS INC.

INHDdata completeness 88%4 fiscal years on file
The thesis, from the filings

INNO HOLDINGS INC. earns about -61% on invested capital, and has bought back 69% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$4.5M1$799,7472$885,4952$2.85M3
Net income−$1.01M4−$3.9M5−$3.21M6−$7.08M6
Operating cash flow−$1.72M7−$1.23M8−$5.52M9−$4.73M9
Capital expenditure$695,81510$244,89911$559,62911—
Free cash flow (derived)−$2.41M7−$1.47M8−$6.08M9—
Total debt$757,25912$839,39313$101,89813$50,00014
Cash & equivalents$50,62815$4,89816$1.08M17$10.1M17
Diluted shares17.2M1.8M2.0M5.4M

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
$28.08
your share of equity
Profit it earned you last year
−$13.11
Free cash flow it threw off
—
Debt you’d be carrying
$0.09

10 shares is a claim on $28.08 of net worth that earned you −$13.11 last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 4y
FY22 -50%FY23 —FY24 -26%FY25 -106%

It earned an average -61% 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
−69% shares · 4y

Share count is down 69% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 93% — deleveraging.

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 2022-09-30 · accession 0001493152-24-002509 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-09-30 · accession 0001493152-25-027805 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-09-30 · accession 0001493152-24-002509 (NetIncomeLoss)
  5. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-30 · accession 0001493152-25-027805 (NetIncomeLoss)
  7. 10-K · period ending 2022-09-30 · accession 0001493152-24-002509 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001493152-25-027805 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001493152-24-002509 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-09-30 · accession 0001493152-24-002509 (LongTermDebtCurrent)
  13. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (LongTermDebtCurrent)
  14. 10-K · period ending 2025-09-30 · accession 0001493152-25-027805 (ShortTermBorrowings)
  15. 10-K · period ending 2022-09-30 · accession 0001493152-24-002509 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-09-30 · accession 0001493152-24-049268 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-09-30 · accession 0001493152-25-027805 (CashAndCashEquivalentsAtCarryingValue)