MeritValue

Li Bang International Corp Inc.

LBGJdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

Li Bang International Corp Inc. earns about 4% on invested capital, but has diluted owners by 7% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$13.5M1$14M2$10.8M2$11.1M2
Net income$848,1173$616,8184−$1.37M4−$1.01M4
Operating cash flow−$410,2715−$634,4146−$646,4796−$926,6676
Capital expenditure————
Free cash flow (derived)————
Total debt——$10.7M7$10.6M7
Cash & equivalents$172,0308$541,1278$234,2078$1.08M8
Diluted shares17.0M17.0M17.0M18.2M

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
$4.33
your share of equity
Profit it earned you last year
−$0.56
Free cash flow it threw off
—
Debt you’d be carrying
$5.82

10 shares is a claim on $4.33 of net worth that earned you −$0.56 last year, against $5.82 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 4y
FY22 16%FY23 12%FY24 -8%FY25 -5%

It earned an average 4% 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
+7% shares · 4y

Share count is up 7% 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 v0.1.0
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
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. 20-F · period ending 2022-06-30 · accession 0001213900-24-095922 (Revenues)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-107445 (Revenues)
  3. 20-F · period ending 2022-06-30 · accession 0001213900-24-095922 (NetIncomeLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-107445 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001213900-24-095922 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-107445 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-06-30 · accession 0001213900-25-107445 (LongTermDebtNoncurrent)
  8. 20-F · period ending 2022-06-30 · accession 0001213900-25-107445 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)