ICZOOM Group Inc.
IZMdata completeness 88%5 fiscal years on fileICZOOM Group Inc. earns about 10% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 21% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $1.07 and $10.97 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | $290.4M1 | $214.4M2 | $177.9M2 | $187M2 |
| Net income | −$216,1503 | $2.57M4 | $1.75M5 | −$2.27M5 | $1.19M5 |
| Operating cash flow | −$3,9406 | $138,5507 | −$3.75M8 | $2.08M8 | $2.75M8 |
| Capital expenditure | — | $22,2189 | $81,91310 | $97,45510 | $32,47810 |
| Free cash flow (derived) | — | $116,3327 | −$3.83M8 | $1.98M8 | $2.71M8 |
| Total debt | — | $11.8M11 | $14M12 | $10.2M12 | — |
| Cash & equivalents | $6.81M13 | $2.95M14 | $6.41M14 | $5.48M14 | $8.38M14 |
| Diluted shares | — | 9.5M | 9.9M | 11.1M | 11.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $13.35 of net worth that earned you $1.03 and generated $2.35 of cash last year.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 21% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 13% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.07 and $10.97 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$1.98M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$1.98M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.19M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.18 |
| Base | 20.0% | $6.33 |
| Bull | 20.0% | $6.33 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-06-30 · accession 0001213900-24-090763 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-102243 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F/A · period ending 2021-06-30 · accession 0001213900-24-037135 (NetIncomeLoss)
- 20-F · period ending 2022-06-30 · accession 0001213900-24-090763 (NetIncomeLoss)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-102243 (NetIncomeLoss)
- 20-F/A · period ending 2021-06-30 · accession 0001213900-24-037135 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-06-30 · accession 0001213900-24-090763 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-102243 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-06-30 · accession 0001213900-24-090763 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-06-30 · accession 0001213900-25-102243 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2022-06-30 · accession 0001213900-24-037135 (ShortTermBorrowings)
- 20-F · period ending 2023-06-30 · accession 0001213900-24-090763 (ShortTermBorrowings)
- 20-F · period ending 2021-06-30 · accession 0001213900-24-090763 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2022-06-30 · accession 0001213900-25-102243 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)