MeritValue

mF International Ltd

MFIdata completeness 100%3 fiscal years on file
The thesis, from the filings

mF International Ltd earns about -7% on invested capital, but has diluted owners by 301% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.51 a share.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 2023FY 2024FY 2025
Revenue$4.09M1$3.36M2$4.35M3
Net income$848,6704−$2.6M5$10.1M6
Operating cash flow$1.45M7−$2.82M8−$2.04M9
Capital expenditure$6,16510$59,66711$19,48412
Free cash flow (derived)$1.44M7−$2.88M8−$2.06M9
Total debt$3.04M13$2.08M14$371,30415
Cash & equivalents$871,91216$2.53M17$28.7M18
Diluted shares1.4M1.7M5.8M

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
$887.8
your share of equity
Profit it earned you last year
$17.42
Free cash flow it threw off
−$3.55
Debt you’d be carrying
$0.64

10 shares is a claim on $887.8 of net worth that earned you $17.42 and generated −$3.55 of cash last year, against $0.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 3y
FY23 24%FY24 -47%FY25 2%

It earned an average -7% 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
+301% shares · 3y

Share count is up 301% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 88% — deleveraging.

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
$1.51
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$848,670
  • growthAssumed0.0%
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 2023-12-31 · accession 0001493152-24-019833 (Revenues)
  2. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-24-019833 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (NetIncomeLoss)
  6. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001493152-24-019833 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001493152-24-019833 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001493152-24-019833 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2023-12-31 · accession 0001493152-24-019833 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001641172-25-005839 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2025-12-31 · accession 0001628280-26-045993 (CashAndCashEquivalentsAtCarryingValue)