Next Technology Holding Inc.

NXTTdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Next Technology Holding Inc. earns about 18% on invested capital, and has bought back 99% of its shares over 5 years. The applicable estimate puts fair value near $23.14 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$14.4M¹	$11.7M¹	$2.5M²	$1.8M²	$11.6M³
Net income	$5.18M⁴	−$9.16M⁵	−$9.92M⁵	$21.5M⁶	$143.2M⁶
Operating cash flow	−$3.75M⁷	−$37.8M⁸	$20.2M⁹	—	−$3.07M¹⁰
Capital expenditure	$417,112¹¹	$693,560¹¹	—	—	—
Free cash flow (derived)	−$4.17M⁷	−$38.5M⁸	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$616,593¹²	$22,926¹³	$668,387¹⁴	$668,387¹⁵	$5.62M¹⁵
Diluted shares	305.5M	1.2M	1.5M	28,878	2.3M

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

Net assets behind them

$1,965.67

your share of equity

Profit it earned you last year

$617.71

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $1,965.67 of net worth that earned you $617.71 last year.

iii. Is this a good business?

Moat signal · return on invested capital

18% avg · 5y

FY21 37%FY22 -13%FY23 7%FY24 27%FY25 32%

It earned an average 18% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

$23.14

assumptions (8)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
normalizedEarnings$5.18M
growthAssumed0.0%

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

10-K · period ending 2021-12-31 · accession 0001477932-23-005290 (Revenues)
10-K · period ending 2023-12-31 · accession 0001013762-25-003282 (RevenueFromContractWithCustomerIncludingAssessedTax)
10-K · period ending 2025-12-31 · accession 0001213900-26-037199 (Revenues)
10-K · period ending 2021-12-31 · accession 0001477932-23-005290 (NetIncomeLoss)
10-K/A · period ending 2022-12-31 · accession 0001213900-24-076824 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-037199 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001477932-23-005290 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-12-31 · accession 0001213900-24-076824 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001013762-25-003282 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001213900-26-037199 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001477932-23-005290 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001477932-23-005290 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2022-12-31 · accession 0001213900-24-076824 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001013762-25-003282 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-037199 (CashAndCashEquivalentsAtCarryingValue)