MeritValue

Marwynn Holdings, Inc.

MWYNdata completeness 100%2 fiscal years on file
The thesis, from the filings

Marwynn Holdings, Inc. earns about -21% on invested capital, but has diluted owners by 5% over 2 years — worth asking whether the growth reaches owners. 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 2024FY 2025
Revenue$11.7M1$10.9M1
Net income$998,0752−$4.4M2
Operating cash flow$1.05M3−$5.27M3
Capital expenditure$127,9504$69,8524
Free cash flow (derived)$920,8603−$5.34M3
Total debt$600,0005$100,0006
Cash & equivalents$1.36M7$1.26M7
Diluted shares14.5M15.3M

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
$3.25
your share of equity
Profit it earned you last year
−$2.88
Free cash flow it threw off
−$3.5
Debt you’d be carrying
$0.07

10 shares is a claim on $3.25 of net worth that earned you −$2.88 and generated −$3.5 of cash last year, against $0.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 2y
FY24 49%FY25 -91%

It earned an average -21% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 2y

Share count is up 5% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 83% — deleveraging.

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
not applicable
only 2 years of net income (need ≥3)
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. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2025-04-30 · accession 0001213900-25-073744 (ShortTermBorrowings)
  7. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)