J-Long Group Ltd
JLdata completeness 100%4 fiscal years on fileJ-Long Group Ltd earns about 44% on invested capital, far above its ~9% cost of capital, and has bought back 89% of its shares over 4 years — the marks of a durable business run for its owners. The estimate methods put fair value between $10.59 and $11.26 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $38.3M1 | $38.3M2 | $28.4M2 | $39.1M2 |
| Net income | $4.48M3 | $6.66M4 | $783,6604 | $2.59M4 |
| Operating cash flow | $5.66M5 | $1.96M6 | −$1.5M6 | $7.23M6 |
| Capital expenditure | $83,4547 | $49,9608 | $198,7018 | $1.02M8 |
| Free cash flow (derived) | $5.58M5 | $1.91M6 | −$1.7M6 | $6.2M6 |
| Total debt | — | $2.64M9 | $2.04M10 | $1.39M10 |
| Cash & equivalents | $7.36M11 | $5.96M12 | $4.16M13 | $10.7M13 |
| Diluted shares | 30.0M | 3.0M | 3.0M | 3.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $46.21 of net worth that earned you $7.96 and generated $19.06 of cash last year, against $4.27 of debt.
It earned about 44% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 89% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 47% — 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 $10.59 and $11.26 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
- fcfGrowth0.0%
- fcfBase$1.91M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.91M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.54M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $11.22 |
| Base | 0.0% | $11.22 |
| Bull | 5.0% | $13.25 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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/A · period ending 2022-03-31 · accession 0001213900-25-045507 (Revenues)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-068049 (Revenues)
- 20-F/A · period ending 2022-03-31 · accession 0001213900-25-045507 (NetIncomeLoss)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-068049 (NetIncomeLoss)
- 20-F/A · period ending 2022-03-31 · accession 0001213900-25-045507 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-068049 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A · period ending 2022-03-31 · accession 0001213900-25-045507 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-068049 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2023-03-31 · accession 0001213900-25-045507 (LongTermDebtCurrent)
- 20-F · period ending 2024-03-31 · accession 0001213900-25-068049 (LongTermDebtCurrent)
- 20-F · period ending 2022-03-31 · accession 0001213900-25-068049 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F/A · period ending 2023-03-31 · accession 0001213900-25-045507 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-03-31 · accession 0001213900-25-068049 (CashAndCashEquivalentsAtCarryingValue)