MeritValue

Julong Holding Ltd

JLHLdata completeness 88%1 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Julong Holding Ltd earns about 148% on invested capital, with a roughly flat share count. 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 2025
Revenue$35.4M1
Net income$3.67M2
Operating cash flow$36,5173
Capital expenditure—
Free cash flow (derived)—
Total debt$1.4M4
Cash & equivalents$8.74M5
Diluted shares20.4M

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
$4.81
your share of equity
Profit it earned you last year
$1.8
Free cash flow it threw off
—
Debt you’d be carrying
$0.69

10 shares is a claim on $4.81 of net worth that earned you $1.8 last year, against $0.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
148% avg · 1y
FY25 148%

It earned an average 148% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback. Total debt has held roughly steady.

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 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
only 1 years of net income (need ≥3)
Graham Number
$1.4
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2025-09-30 · accession 0001493152-26-006699 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-09-30 · accession 0001493152-26-006699 (NetIncomeLoss)
  3. 20-F · period ending 2025-09-30 · accession 0001493152-26-006699 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2025-09-30 · accession 0001493152-26-006699 (ShortTermBorrowings)
  5. 20-F · period ending 2025-09-30 · accession 0001493152-26-006699 (CashAndCashEquivalentsAtCarryingValue)