Lakeside Holding Ltd

LSHdata completeness 100%3 fiscal years on file

The thesis, from the filings

Lakeside Holding Ltd earns about 61% on invested capital, but has diluted owners by 26% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	$12.9M¹	$18.3M²	$17.8M²
Net income	$983,602³	−$225,252⁴	−$5.25M⁴
Operating cash flow	$39,303⁵	−$53,640⁶	−$2.66M⁶
Capital expenditure	$18,288⁷	—	$49,816⁸
Free cash flow (derived)	$21,015⁵	—	−$2.7M⁶
Total debt	—	$883,337⁹	$1.36M¹⁰
Cash & equivalents	$174,018¹¹	$123,550¹²	$4.96M¹²
Diluted shares	6.0M	6.0M	7.6M

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

Net assets behind them

$3.77

your share of equity

Profit it earned you last year

−$6.94

Free cash flow it threw off

−$3.58

Debt you’d be carrying

$1.8

10 shares is a claim on $3.77 of net worth that earned you −$6.94 and generated −$3.58 of cash last year, against $1.8 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

61% avg · 3y

FY23 139%FY24 -16%FY25 —

It earned an average 61% 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

+26% shares · 3y

Share count is up 26% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 54% over the same window.

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

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

10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (Revenues)
10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (RevenueFromContractWithCustomerIncludingAssessedTax)
10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (NetIncomeLoss)
10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (NetIncomeLoss)
10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-06-30 · accession 0001213900-25-098720 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-06-30 · accession 0001213900-24-083350 (LongTermDebt)
10-K · period ending 2025-06-30 · accession 0001213900-25-098720 (LongTermDebt)
10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (CashAndCashEquivalentsAtCarryingValue)