MeritValue

Intelligent Group Ltd

INTJdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Intelligent Group Ltd earns about -36% on invested capital, but has diluted owners by 82% over 3 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 2023FY 2024FY 2025
Revenue$2.63M1$2.61M2$2.37M3
Net income$521,0294−$54,7155−$2.33M6
Operating cash flow$349,4437−$160,3968−$22,8629
Capital expenditure$4,01810—$107,87411
Free cash flow (derived)$345,4257—−$130,7369
Total debt$697,58912$579,17613$451,03514
Cash & equivalents$3.24M15$8.17M16$8.66M17
Diluted shares562,500656,2501.0M

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
$113.28
your share of equity
Profit it earned you last year
−$22.81
Free cash flow it threw off
−$1.28
Debt you’d be carrying
$4.41

10 shares is a claim on $113.28 of net worth that earned you −$22.81 and generated −$1.28 of cash last year, against $4.41 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-36% avg · 3y
FY23 —FY24 -16%FY25 -56%

It earned an average -36% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+82% shares · 3y

Share count is up 82% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 35% — 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2023-11-30 · accession 0001213900-24-028046 (Revenues)
  2. 20-F · period ending 2024-11-30 · accession 0001213900-25-031469 (Revenues)
  3. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (Revenues)
  4. 20-F · period ending 2023-11-30 · accession 0001213900-24-028046 (NetIncomeLoss)
  5. 20-F · period ending 2024-11-30 · accession 0001213900-25-031469 (NetIncomeLoss)
  6. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (NetIncomeLoss)
  7. 20-F · period ending 2023-11-30 · accession 0001213900-24-028046 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-11-30 · accession 0001213900-25-031469 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-11-30 · accession 0001213900-24-028046 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-11-30 · accession 0001213900-24-028046 (LongTermDebtCurrent)
  13. 20-F · period ending 2024-11-30 · accession 0001213900-25-031469 (LongTermDebtCurrent)
  14. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (LongTermDebtCurrent)
  15. 20-F · period ending 2023-11-30 · accession 0001213900-24-028046 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-11-30 · accession 0001213900-25-031469 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2025-11-30 · accession 0001213900-26-037404 (CashAndCashEquivalentsAtCarryingValue)