MeritValue

Ispire Technology Inc.

ISPRdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ispire Technology Inc. earns about -1642% on equity, but has diluted owners by 14% over 4 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 2024FY 2025
Revenue$88.1M1$115.6M2$151.9M3$127.5M3
Net income−$1.87M4−$6M5−$14.8M6−$39.2M6
Operating cash flow−$7.56M7−$8.46M8−$18.3M9−$7.37M9
Capital expenditure$121,51610$1.02M11$1.97M12$1.1M12
Free cash flow (derived)−$7.68M7−$9.48M8−$20.3M9−$8.47M9
Total debt————
Cash & equivalents$74.5M13$40.3M14$35.1M15$24.4M15
Diluted shares50.0M50.7M54.8M56.9M

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
$0.11
your share of equity
Profit it earned you last year
−$6.9
Free cash flow it threw off
−$1.49
Debt you’d be carrying
—

10 shares is a claim on $0.11 of net worth that earned you −$6.9 and generated −$1.49 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-1642% avg · 4y
FY22 -16%FY23 -19%FY24 -43%FY25 -6489%

It earned an average -1642% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+14% shares · 4y

Share count is up 14% over 4 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 2022-06-30 · accession 0001213900-23-077437 (Revenues)
  2. 10-K · period ending 2023-06-30 · accession 0001213900-24-082378 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0001213900-25-087632 (Revenues)
  4. 10-K · period ending 2022-06-30 · accession 0001213900-23-077437 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001213900-24-082378 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001213900-25-087632 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001213900-23-077437 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001213900-24-082378 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001213900-25-087632 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001213900-23-077437 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001213900-24-082378 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001213900-25-087632 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001213900-24-082378 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-082378 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0001213900-25-087632 (CashAndCashEquivalentsAtCarryingValue)