K-TECH SOLUTIONS CO LTD earns about 20% on equity, but has diluted owners by 8% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.17 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|
| Revenue | $16.6M1 | $17.1M2 | $18.6M2 | $16.2M2 |
| Net income | $247,4713 | $928,5294 | $487,9574 | $171,4074 |
| Operating cash flow | −$229,7835 | $2.69M6 | −$1.47M6 | $847,5146 |
| Capital expenditure | $91,3857 | — | $3,5468 | $2218 |
| Free cash flow (derived) | −$321,1685,7 | — | −$1.47M6,8 | $847,2936,8 |
| Total debt | — | $621,4289 | $1.04M10 | $844,29510 |
| Cash & equivalents | $2.34M11 | $5.39M11 | $4.37M11 | $9.15M11 |
| Diluted shares | — | 19.5M | 19.5M | 21.1M |
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.
10 shares is a claim on $3.37 of net worth that earned you $0.08 and generated $0.4 of cash last year, against $0.4 of debt.
It earned an average 20% on equity over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 8% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 36% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$367,714
- Growth assumed0.0%
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MeritValue on the App Store →- 20-F filed 2025-08-15 · period ending 2023-03-31 · accession 0001213900-25-077494 (Revenues)
- 20-F filed 2026-08-12 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (Revenues)
- 20-F filed 2025-08-15 · period ending 2023-03-31 · accession 0001213900-25-077494 (NetIncomeLoss)
- 20-F filed 2026-08-12 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (NetIncomeLoss)
- 20-F filed 2025-08-15 · period ending 2023-03-31 · accession 0001213900-25-077494 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-08-12 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-08-15 · period ending 2023-03-31 · accession 0001213900-25-077494 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2026-08-12 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-08-15 · period ending 2024-03-31 · accession 0001213900-25-077494 (LongTermDebt)
- 20-F filed 2026-08-12 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (LongTermDebt)
- 20-F filed 2026-08-12 · periods ending 2023-03-31, 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-088354 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)