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Micware Co., Ltd.

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

Micware Co., Ltd. earns about 32% 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)$11.6M3,4
Total debt$34.5M5,6
Cash & equivalents$52.9M7
Diluted shares56.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

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
$6.16

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 $6.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 1y
FY26 32%

It earned an average 32% 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 v0.6.0
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)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (Revenues)
  2. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (NetIncomeLoss)
  3. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (LongTermDebt)
  6. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (ShortTermBorrowings)
  7. 20-F filed 2026-06-30 · period ending 2026-02-28 · accession 0001829126-26-007060 (CashAndCashEquivalentsAtCarryingValue)