MeritValue

Linkhome Holdings Inc.

LHAIdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Linkhome Holdings Inc. earns about 166% on invested capital, but has diluted owners by 13% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.1 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 2025
Revenue$1.07M1$4.86M1$21M2
Net income$151,1933$778,2364$74,8744
Operating cash flow$223,3145$694,6556$524,4306
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$651,9117$1.67M8$7.02M8
Diluted shares13.5M14.4M15.2M

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
$5.02
your share of equity
Profit it earned you last year
$0.05
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.02 of net worth that earned you $0.05 last year.

iii. Is this a good business?
Moat signal · return on invested capital
166% avg · 3y
FY23 385%FY24 100%FY25 12%

It earned an average 166% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 3y

Share count is up 13% over 3 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 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
$0.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$151,193
  • 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. 10-K · period ending 2023-12-31 · accession 0001013762-25-003420 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2025-12-31 · accession 0001213900-26-059081 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-003420 (NetIncomeLoss)
  4. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-059081 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001013762-25-003420 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-059081 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-003420 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-059081 (CashAndCashEquivalentsAtCarryingValue)