Kioni Holdings Ltd earns about -909% on equity, 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.
| Figure | FY 2024 | FY 2025 |
|---|---|---|
| Revenue | $62,7691 | $504,6841 |
| Net income | −$96,0412 | $328,0252 |
| Operating cash flow | −$179,1133 | $249,6673 |
| Capital expenditure | — | −$7074 |
| Free cash flow (derived) | — | $250,3743 |
| Total debt | — | — |
| Cash & equivalents | $1,6215 | $250,5815 |
| Diluted shares | — | 1.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3.33 of net worth that earned you $3.28 and generated $2.5 of cash last year.
It earned an average -909% on equity over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 2 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
- 10-K/A · period ending 2024-12-31 · accession 0002011134-26-000019 (Revenues)
- 10-K/A · period ending 2024-12-31 · accession 0002011134-26-000019 (NetIncomeLoss)
- 10-K/A · period ending 2024-12-31 · accession 0002011134-26-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2025-12-31 · accession 0002011134-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2024-12-31 · accession 0002011134-26-000019 (CashAndCashEquivalentsAtCarryingValue)