MeritValue

Magic Empire Global Ltd

MEGLdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Magic Empire Global Ltd earns about -3% on invested capital, but has diluted owners by 19% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$1.44M1$1.77M2$1.65M3$1.48M4
Net income−$492,5055−$61,9406−$608,9127−$1.07M8
Operating cash flow−$116,6909$12,09710−$598,61511−$871,33612
Capital expenditure—$243,88613——
Free cash flow (derived)—−$231,78910——
Total debt————
Cash & equivalents————
Diluted shares4.3M5.1M5.1M5.1M

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
$30.76
your share of equity
Profit it earned you last year
−$2.11
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $30.76 of net worth that earned you −$2.11 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 4y
FY22 -2%FY23 -0%FY24 -3%FY25 -5%

It earned an average -3% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 4y

Share count is up 19% over 4 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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
  1. 20-F · period ending 2022-12-31 · accession 0001493152-23-010615 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001493152-24-015533 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-004566 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-016153 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2022-12-31 · accession 0001493152-23-010615 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-24-015533 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-004566 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-016153 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001493152-23-010615 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001493152-24-015533 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-004566 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-016153 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001493152-24-015533 (PaymentsToAcquirePropertyPlantAndEquipment)