MeritValue

JOCOM HOLDINGS CORP.

JOCMdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

JOCOM HOLDINGS CORP. earns about -35% on equity, but has diluted owners by 78% 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$8,0001$96,0002$24,0003$24,0004—
Net income−$127,8295−$428,3276−$156,8917$68,5198−$844,1608
Operating cash flow−$121,0779−$294,05410−$115,31811$2,28012−$491,30612
Capital expenditure—$2,16313———
Free cash flow (derived)—−$296,21710———
Total debt—————
Cash & equivalents$374,32214$56,04315$13416$2,48117$11,22017
Diluted shares36.3M57.6M57.7M57.7M64.6M

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
−$0.02
your share of equity
Profit it earned you last year
−$0.13
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you −$0.13 last year.

iii. Is this a good business?
Moat signal · return on equity
-35% avg · 5y
FY21 -35%FY22 —FY23 —FY24 —FY25 —

It earned an average -35% 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
+78% shares · 5y

Share count is up 78% over 5 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-012198 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-013407 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-008460 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016945 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012198 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-013407 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-008460 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016945 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012198 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-013407 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-008460 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016945 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-013407 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-012198 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-013407 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-008460 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-016945 (CashAndCashEquivalentsAtCarryingValue)