Leishen Energy Holding Co., Ltd.
LSEdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
Leishen Energy Holding Co., Ltd. earns about 22% on invested capital, far above its ~9% cost of capital, but has diluted owners by 8% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.32 and $4.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $46.7M1 | $73.1M2 | $69.1M2 | $48.3M2 |
| Net income | $5.72M3 | $11.9M4 | $8.1M4 | $1.25M4 |
| Operating cash flow | −$4.39M5 | $4.39M6 | $15.1M6 | −$3.52M6 |
| Capital expenditure | $2.85M7 | $740,5158 | $681,2148 | $170,9788 |
| Free cash flow (derived) | −$7.24M5 | $3.65M6 | $14.4M6 | −$3.69M6 |
| Total debt | — | $3.37M9 | $2.36M10 | $3.07M11 |
| Cash & equivalents | $6.26M12 | $4.57M13 | $7.3M13 | $10.2M13 |
| Diluted shares | 15.5M | 15.5M | 15.5M | 16.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $27.24 of net worth that earned you $0.75 and generated −$2.21 of cash last year, against $1.84 of debt.
It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
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 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.
The 3 estimate methods that apply put fair value between $3.32 and $4.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$3.65M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$3.65M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$6.91M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.55 |
| Base | 0.0% | $3.55 |
| Bull | 5.0% | $4.31 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-09-30 · accession 0001493152-25-006894 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F/A · period ending 2023-09-30 · accession 0001493152-26-019563 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-09-30 · accession 0001493152-25-006894 (NetIncomeLoss)
- 20-F/A · period ending 2023-09-30 · accession 0001493152-26-019563 (NetIncomeLoss)
- 20-F · period ending 2022-09-30 · accession 0001493152-25-006894 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A · period ending 2023-09-30 · accession 0001493152-26-019563 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-09-30 · accession 0001493152-25-006894 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2023-09-30 · accession 0001493152-26-019563 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-09-30 · accession 0001493152-25-006894 (LongTermDebtNoncurrent)
- 20-F/A · period ending 2024-09-30 · accession 0001493152-26-019563 (LongTermDebtNoncurrent)
- 20-F/A · period ending 2025-09-30 · accession 0001493152-26-019563 (ShortTermBorrowings)
- 20-F · period ending 2022-09-30 · accession 0001493152-25-006894 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F/A · period ending 2023-09-30 · accession 0001493152-26-019563 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)