MeritValue

Mint Inc Ltd

MIMIdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

The thesis, from the filings

Mint Inc Ltd earns about 143% on invested capital, and has bought back 88% of its shares over 4 years. 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 2023FY 2024FY 2025FY 2026
Revenue$2.44M1$4.08M1$3.05M1—
Net income$819,4242$783,4383−$1.46M3−$10.3M3
Operating cash flow$722,5164$756,4715−$3.26M5−$858,3945
Capital expenditure$5,1446$8,2257$7,2277$205,0547
Free cash flow (derived)$717,3724$748,2465−$3.27M5−$1.06M5
Total debt——$2.29M8$2.02M9
Cash & equivalents$292,93510$317,32211$4.52M12$964,14212
Diluted shares21.0M2.1M2.1M2.5M

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
$13.22
your share of equity
Profit it earned you last year
−$41.52
Free cash flow it threw off
−$4.28
Debt you’d be carrying
$8.13

10 shares is a claim on $13.22 of net worth that earned you −$41.52 and generated −$4.28 of cash last year, against $8.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
143% avg · 4y
FY23 705%FY24 89%FY25 -36%FY26 -188%

It earned an average 143% 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
−88% shares · 4y

Share count is down 88% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 12% — 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 v0.5.0
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
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 2023-03-31 · accession 0001213900-25-069308 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-069308 (NetIncomeLoss)
  3. 20-F · period ending 2024-03-31 · accession 0001213900-26-090165 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-069308 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-26-090165 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-069308 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2024-03-31 · accession 0001213900-26-090165 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-069308 (LongTermDebt)
  9. 20-F · period ending 2026-03-31 · accession 0001213900-26-090165 (LongTermDebt)
  10. 20-F · period ending 2023-03-31 · accession 0001213900-26-090165 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2024-03-31 · accession 0001213900-25-069308 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-03-31 · accession 0001213900-26-090165 (CashAndCashEquivalentsAtCarryingValue)