MaxsMaking Inc.
MAMKdata completeness 88%3 fiscal years on fileData notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'
The thesis, from the filings
MaxsMaking Inc. earns about 17% on invested capital. 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 | $26.3M1 | $21.4M1 | $29.2M1 |
| Net income | $1.91M2 | $1.81M2 | $2,0262 |
| Operating cash flow | −$599,9473 | −$3.04M3 | −$5.29M3 |
| Capital expenditure | $73,6464 | $18,5144 | $56,8774 |
| Free cash flow (derived) | −$673,5933 | −$3.06M3 | −$5.34M3 |
| Total debt | — | $6.9M5 | $6.56M5 |
| Cash & equivalents | $132,1506 | $176,2367 | $122,3817 |
| Diluted shares | — | — | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 3y
FY23 36%FY24 14%FY25 1%
It earned an average 17% 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
— shares · 3y
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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
no diluted share count
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
- 20-F · period ending 2023-10-31 · accession 0001213900-26-023316 (Revenues)
- 20-F · period ending 2023-10-31 · accession 0001213900-26-023316 (NetIncomeLoss)
- 20-F · period ending 2023-10-31 · accession 0001213900-26-023316 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-10-31 · accession 0001213900-26-023316 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-10-31 · accession 0001213900-26-023316 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-10-31 · accession 0001213900-26-023316 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2024-10-31 · accession 0001213900-26-023316 (CashAndCashEquivalentsAtCarryingValue)