MeritValue

Japan Food Tech Holdings, Inc.

JFTHdata completeness 63%3 fiscal years on file
The thesis, from the filings

Japan Food Tech Holdings, Inc. earns about -64% on equity, but has diluted owners by 20% over 3 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 2024
Revenue—$1,0001$15,9021
Net income−$1.05M2−$321,8203−$761,8373
Operating cash flow−$48,8584−$293,6285−$256,9405
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents—$1,3656$8,7416
Diluted shares10.7M12.9M—

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.

iii. Is this a good business?
Moat signal · return on equity
-64% avg · 3y
FY22 —FY23 -64%FY24 —

It earned an average -64% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+20% shares · 3y

Share count is up 20% over 3 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 v0.6.0
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. 10-K filed 2024-08-13 · periods ending 2023-03-31, 2024-03-31 · accession 0001599916-24-000203 (Revenues)
  2. 10-K filed 2023-08-16 · period ending 2022-03-31 · accession 0001599916-23-000177 (NetIncomeLoss)
  3. 10-K filed 2024-08-13 · periods ending 2023-03-31, 2024-03-31 · accession 0001599916-24-000203 (NetIncomeLoss)
  4. 10-K filed 2023-08-16 · period ending 2022-03-31 · accession 0001599916-23-000177 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K filed 2024-08-13 · periods ending 2023-03-31, 2024-03-31 · accession 0001599916-24-000203 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2024-08-13 · periods ending 2023-03-31, 2024-03-31 · accession 0001599916-24-000203 (CashAndCashEquivalentsAtCarryingValue)