MeritValue

Linkers Industries Ltd

LNKSdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

Linkers Industries Ltd earns about -13% on invested capital, but has diluted owners by 11% over 2 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 2024FY 2025
Revenue$4.76M1$5.33M2
Net income−$424,0013−$1.17M4
Operating cash flow$306,4915−$501,2086
Capital expenditure$123,2757$57,2318
Free cash flow (derived)$183,2165−$558,4396
Total debt——
Cash & equivalents$830,1209$3.52M9
Diluted shares11.3M12.5M

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
$7.28
your share of equity
Profit it earned you last year
−$0.94
Free cash flow it threw off
−$0.45
Debt you’d be carrying
—

10 shares is a claim on $7.28 of net worth that earned you −$0.94 and generated −$0.45 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-13% avg · 2y
FY24 -9%FY25 -16%

It earned an average -13% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 2y

Share count is up 11% over 2 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-06-30 · accession 0001213900-24-092784 (Revenue)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-097949 (Revenue)
  3. 20-F · period ending 2024-06-30 · accession 0001213900-24-092784 (ProfitLoss)
  4. 20-F · period ending 2025-06-30 · accession 0001213900-25-097949 (ProfitLoss)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-24-092784 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-25-097949 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2024-06-30 · accession 0001213900-24-092784 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2025-06-30 · accession 0001213900-25-097949 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2024-06-30 · accession 0001213900-25-097949 (CashAndCashEquivalents)