MeritValue

Mobile-health Network Solutions

MNDRdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

Mobile-health Network Solutions earns about -84% on invested capital, and has bought back 96% 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$6.99M1$7.87M2$14M2$7.65M2
Net income$92,6973−$3.21M4−$15.6M4−$3.38M4
Operating cash flow$975,6565−$2.25M6−$6.41M6−$4.36M6
Capital expenditure$15,2117$186,0018$134,2118$63,1408
Free cash flow (derived)$960,4455−$2.43M6−$6.54M6−$4.42M6
Total debt————
Cash & equivalents—$2.23M9$6.71M10$1.03M10
Diluted shares21.6M637,050862,293885,796

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
$29.54
your share of equity
Profit it earned you last year
−$38.2
Free cash flow it threw off
−$49.93
Debt you’d be carrying
—

10 shares is a claim on $29.54 of net worth that earned you −$38.2 and generated −$49.93 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-84% avg · 4y
FY22 2%FY23 —FY24 —FY25 -169%

It earned an average -84% 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
−96% shares · 4y

Share count is down 96% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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/A · period ending 2022-06-30 · accession 0001493152-24-042792 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-06-30 · accession 0001493152-26-015797 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F/A · period ending 2022-06-30 · accession 0001493152-24-042792 (NetIncomeLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001493152-26-015797 (NetIncomeLoss)
  5. 20-F/A · period ending 2022-06-30 · accession 0001493152-24-042792 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001493152-26-015797 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2022-06-30 · accession 0001493152-24-042792 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-06-30 · accession 0001493152-26-015797 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F/A · period ending 2023-06-30 · accession 0001493152-24-042792 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2024-06-30 · accession 0001493152-26-015797 (CashAndCashEquivalentsAtCarryingValue)