MeritValue

iOThree Ltd

IOTRdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

iOThree Ltd earns about -0% on invested capital, and has bought back 89% 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 2023FY 2024FY 2025FY 2026
Revenue$1.02M1$8.57M2$10.5M2$14.7M2
Net income$924,1603−$4,4464−$230,5154−$1.16M4
Operating cash flow$725,9525$1.63M6$488,0976−$2.24M6
Capital expenditure$7,1797$468,3558$548,7398$578,0638
Free cash flow (derived)$718,7735$1.16M6−$60,6426−$2.82M6
Total debt—$126,2879$83,55210$376,70410
Cash & equivalents$401,54811$995,09212$443,11713$2.12M13
Diluted shares24.0M2.4M2.4M2.6M

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
$16.9
your share of equity
Profit it earned you last year
−$4.4
Free cash flow it threw off
−$10.66
Debt you’d be carrying
$1.43

10 shares is a claim on $16.9 of net worth that earned you −$4.4 and generated −$10.66 of cash last year, against $1.43 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 4y
FY23 49%FY24 -3%FY25 -12%FY26 -34%

It earned an average -0% 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
−89% shares · 4y

Share count is down 89% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 198% 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/A · period ending 2023-03-31 · accession 0001213900-25-072615 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001213900-26-075976 (Revenues)
  3. 20-F/A · period ending 2023-03-31 · accession 0001213900-25-072615 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001213900-26-075976 (NetIncomeLoss)
  5. 20-F/A · period ending 2023-03-31 · accession 0001213900-25-072615 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-075976 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2023-03-31 · accession 0001213900-25-072615 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-26-075976 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F/A · period ending 2024-03-31 · accession 0001213900-25-072615 (LongTermDebt)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-26-075976 (LongTermDebt)
  11. 20-F · period ending 2023-03-31 · accession 0001213900-26-075976 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F/A · period ending 2024-03-31 · accession 0001213900-25-072615 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2025-03-31 · accession 0001213900-26-075976 (CashAndCashEquivalentsAtCarryingValue)