MeritValue

Skyline Builders Group Holding Ltd

KAZRdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Skyline Builders Group Holding Ltd earns about 25% on invested capital, but has diluted owners by 44% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.23 a share.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 2023FY 2024FY 2025FY 2026
Revenue$44.6M1$48.8M2$46M2$50.1M2
Net income$879,5543$929,9124$727,4474$9.06M4
Operating cash flow$2.1M5−$6.51M6−$3.01M6−$2.85M6
Capital expenditure$195,7097$59,7178—$205,8788
Free cash flow (derived)$1.91M5−$6.57M6—−$3.05M6
Total debt—$10.9M9$12M10$12M10
Cash & equivalents$1.56M11$323,59512$718,62513$4.63M13
Diluted shares28.5M28.5M28.8M40.9M

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
$19.45
your share of equity
Profit it earned you last year
$2.21
Free cash flow it threw off
−$0.75
Debt you’d be carrying
$2.93

10 shares is a claim on $19.45 of net worth that earned you $2.21 and generated −$0.75 of cash last year, against $2.93 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
25% avg · 4y
FY23 81%FY24 7%FY25 4%FY26 9%

It earned an average 25% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 4y

Share count is up 44% over 4 years — owners have been diluted. Worth asking what they got for it. 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.23
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$904,733
  • growthAssumed0.0%
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. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (Revenues)
  2. 20-F/A · period ending 2024-03-31 · accession 0001213900-26-092307 (Revenues)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (NetIncomeLoss)
  4. 20-F/A · period ending 2024-03-31 · accession 0001213900-26-092307 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F/A · period ending 2024-03-31 · accession 0001213900-26-092307 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F/A · period ending 2024-03-31 · accession 0001213900-26-092307 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-25-073107 (LongTermDebtCurrent)
  10. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-092307 (LongTermDebtCurrent)
  11. 20-F/A · period ending 2023-03-31 · accession 0001213900-26-092307 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-25-073107 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F/A · period ending 2025-03-31 · accession 0001213900-26-092307 (CashAndCashEquivalentsAtCarryingValue)