MeritValue

Marwynn Holdings, Inc.

MWYNdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Marwynn Holdings, Inc. earns about -46% on invested capital, but has diluted owners by 29% over 3 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 2025FY 2026
Revenue$11.7M1$10.9M1$4.24M2
Net income$998,0753−$4.4M4−$3.92M4
Operating cash flow$1.05M5−$5.27M6−$1.55M6
Capital expenditure$127,9507$13,0808—
Free cash flow (derived)$920,8605−$5.29M6—
Total debt$600,0009$100,00010—
Cash & equivalents$1.36M11$871,00912$152,25012
Diluted shares14.5M15.3M18.6M

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
$1.38
your share of equity
Profit it earned you last year
−$2.1
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.38 of net worth that earned you −$2.1 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-46% avg · 3y
FY24 49%FY25 -82%FY26 -105%

It earned an average -46% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+29% shares · 3y

Share count is up 29% over 3 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 v0.5.0
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
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. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2026-04-30 · accession 0001213900-26-083383 (Revenues)
  3. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (NetIncomeLoss)
  4. 10-K · period ending 2025-04-30 · accession 0001213900-26-083383 (NetIncomeLoss)
  5. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-04-30 · accession 0001213900-26-083383 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-04-30 · accession 0001213900-26-083383 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-04-30 · accession 0001213900-25-073744 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2025-04-30 · accession 0001213900-25-073744 (ShortTermBorrowings)
  11. 10-K · period ending 2024-04-30 · accession 0001213900-26-083383 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2025-04-30 · accession 0001213900-26-083383 (CashAndCashEquivalentsAtCarryingValue)