MeritValue

Micware Co., Ltd.

MWCdata completeness 100%1 fiscal years on file
The thesis, from the filings

Micware Co., Ltd. earns about 21% on invested capital, with a roughly flat share count. 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 2026
Revenue$140.3M1
Net income$10.3M2
Operating cash flow$13.3M3
Capital expenditure$1.72M4
Free cash flow (derived)$11.6M3
Total debt$51M5
Cash & equivalents$52.9M6
Diluted shares56.1M

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
$9.15
your share of equity
Profit it earned you last year
$1.83
Free cash flow it threw off
$2.06
Debt you’d be carrying
$9.09

10 shares is a claim on $9.15 of net worth that earned you $1.83 and generated $2.06 of cash last year, against $9.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 1y
FY26 21%

It earned an average 21% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback. 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
$1.93
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (Revenues)
  2. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (NetIncomeLoss)
  3. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (LongTermDebtNoncurrent)
  6. 20-F · period ending 2026-02-28 · accession 0001829126-26-007060 (CashAndCashEquivalentsAtCarryingValue)