MeritValue

MKDWELL Tech Inc.

MKDWdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

MKDWELL Tech Inc. earns about -51% on invested capital, and has bought back 74% 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 2022FY 2023FY 2024FY 2025
Revenue$3.15M1$3.67M2$2M2$3.03M2
Net income−$1.22M3−$2.07M4−$3.16M4−$3.15M4
Operating cash flow−$129,8635−$1.32M6−$3.11M6−$1.19M6
Capital expenditure$433,5527$752,8688$33,9518$528,3308
Free cash flow (derived)−$563,4155−$2.08M6−$3.15M6−$1.72M6
Total debt—$5.16M9$8.4M10$8.63M10
Cash & equivalents$417,00811$924,42812$542,59112$24,08412
Diluted shares14.8M477,646559,6113.9M

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
$14.94
your share of equity
Profit it earned you last year
−$8.14
Free cash flow it threw off
−$4.45
Debt you’d be carrying
$22.29

10 shares is a claim on $14.94 of net worth that earned you −$8.14 and generated −$4.45 of cash last year, against $22.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 4y
FY22 -86%FY23 -34%FY24 -68%FY25 -17%

It earned an average -51% 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
−74% shares · 4y

Share count is down 74% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 67% 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
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 2022-12-31 · accession 0001641172-25-002607 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001493152-26-019701 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001641172-25-002607 (ProfitLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-019701 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-002607 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-019701 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001641172-25-002607 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-26-019701 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001641172-25-002607 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2024-12-31 · accession 0001493152-26-019701 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-002607 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-019701 (CashAndCashEquivalentsAtCarryingValue)