MeritValue

Maison Solutions Inc.

MSSdata completeness 88%4 fiscal years on file
The thesis, from the filings

Maison Solutions Inc. earns about -4% on invested capital, but has diluted owners by 11% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.53 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 2022FY 2023FY 2024FY 2025
Revenue$42M1$55.4M2$58M3$124.2M3
Net income$655,0264$1.25M5−$3.34M6$1.17M6
Operating cash flow$1.49M7$484,1918−$3.5M9$4.76M9
Capital expenditure$58,54510$49,38810——
Free cash flow (derived)$1.43M7$434,8038——
Total debt——$2.56M11$2.62M12
Cash & equivalents$898,06113$2.57M14$2.07M15$775,36015
Diluted shares16.0M16.0M17.9M17.7M

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
$6.57
your share of equity
Profit it earned you last year
$0.66
Free cash flow it threw off
—
Debt you’d be carrying
$1.47

10 shares is a claim on $6.57 of net worth that earned you $0.66 last year, against $1.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 4y
FY22 —FY23 —FY24 -21%FY25 13%

It earned an average -4% 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
+11% shares · 4y

Share count is up 11% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.53
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$912,149.5
  • growthAssumed0.0%
Graham Number
$1.02
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-04-30 · accession 0001213900-23-061585 (Revenues)
  2. 10-K · period ending 2023-04-30 · accession 0001213900-24-068336 (Revenues)
  3. 10-K · period ending 2024-04-30 · accession 0001213900-25-075991 (Revenues)
  4. 10-K/A · period ending 2022-04-30 · accession 0001213900-23-061585 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-30 · accession 0001213900-24-068336 (NetIncomeLoss)
  6. 10-K · period ending 2024-04-30 · accession 0001213900-25-075991 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-04-30 · accession 0001213900-23-061585 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-30 · accession 0001213900-24-068336 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-04-30 · accession 0001213900-25-075991 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-04-30 · accession 0001213900-23-061585 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-04-30 · accession 0001213900-24-068336 (LongTermDebt)
  12. 10-K · period ending 2025-04-30 · accession 0001213900-25-075991 (LongTermDebt)
  13. 10-K/A · period ending 2022-04-30 · accession 0001213900-23-061585 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-04-30 · accession 0001213900-24-068336 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-04-30 · accession 0001213900-25-075991 (CashAndCashEquivalentsAtCarryingValue)