MeritValue

J & Friends Holdings Ltd

JFdata completeness 88%8 fiscal years on file
The thesis, from the filings

J & Friends Holdings Ltd earns about -89% on equity, but has diluted owners by 94% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$27.2M1$10.8M2$7.44M3$4.82M4$1.6M5
Net income−$16M6−$27.6M7−$11.1M8−$2.15M8−$1.32M8
Operating cash flow−$5.05M9−$1.53M10$1.22M11−$2.07M11$146,00011
Capital expenditure—————
Free cash flow (derived)—————
Total debt———$250,00012,13$1.8M12,13
Cash & equivalents$31.6M14$36.2M15$5.71M15$3.69M15$945,00016
Diluted shares299.7M300.1M494.7M554.7M582.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.03
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
$0.03

10 shares is a claim on $0.03 of net worth that earned you −$0.02 last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on equity
-89% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 -89%

It earned an average -89% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+94% shares · 5y

Share count is up 94% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 620% 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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 →

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Sources — the receipts
  1. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125009 (Revenues)
  2. 20-F filed 2023-05-15 · period ending 2022-12-31 · accession 0001104659-23-059935 (Revenues)
  3. 20-F filed 2024-04-30 · period ending 2023-12-31 · accession 0001104659-24-055026 (Revenues)
  4. 20-F filed 2025-04-17 · period ending 2024-12-31 · accession 0001410578-25-000773 (Revenues)
  5. 20-F filed 2026-04-24 · period ending 2025-12-31 · accession 0001104659-26-048056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125009 (NetIncomeLoss)
  7. 20-F filed 2023-05-15 · period ending 2022-12-31 · accession 0001104659-23-059935 (NetIncomeLoss)
  8. 20-F filed 2026-04-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-048056 (NetIncomeLoss)
  9. 20-F filed 2022-04-28 · period ending 2021-12-31 · accession 0001193125-22-125009 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F filed 2023-05-15 · period ending 2022-12-31 · accession 0001104659-23-059935 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F filed 2026-04-24 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-048056 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F filed 2026-04-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-048056 (LongTermDebtNoncurrent)
  13. 20-F filed 2026-04-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-048056 (ShortTermBorrowings)
  14. 20-F filed 2023-05-15 · period ending 2021-12-31 · accession 0001104659-23-059935 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F filed 2026-04-24 · periods ending 2022-12-31, 2023-12-31, 2024-12-31 · accession 0001104659-26-048056 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F filed 2026-04-24 · period ending 2025-12-31 · accession 0001104659-26-048056 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)