MeritValue

iTonic Holdings Ltd

ITOCdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

iTonic Holdings Ltd earns about -583% on invested capital, but has diluted owners by 34% 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$679,7771$628,5912$448,1962$523,0312
Net income$83,9803−$241,2174−$660,5884−$5.1M4
Operating cash flow−$116,1525−$63,6366−$775,0006−$3.23M6
Capital expenditure——$8617$3,8067
Free cash flow (derived)——−$775,8616−$3.24M6
Total debt————
Cash & equivalents$72,2888$217,8859$6.16M9$1.49M9
Diluted shares12.0M12.0M12.7M16.0M

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
$3.82
your share of equity
Profit it earned you last year
−$3.18
Free cash flow it threw off
−$2.02
Debt you’d be carrying
—

10 shares is a claim on $3.82 of net worth that earned you −$3.18 and generated −$2.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-583% avg · 4y
FY22 15%FY23 -233%FY24 -2028%FY25 -87%

It earned an average -583% 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
+34% shares · 4y

Share count is up 34% 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
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 2022-12-31 · accession 0001213900-25-025558 (Revenues)
  2. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-039356 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-025558 (NetIncomeLoss)
  4. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-039356 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-025558 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-039356 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2024-12-31 · accession 0001213900-26-039356 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F/A · period ending 2022-12-31 · accession 0001213900-26-039356 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  9. 20-F/A · period ending 2023-12-31 · accession 0001213900-26-039356 (CashAndCashEquivalentsAtCarryingValue)