OFA Group earns about -266% on invested capital, but has diluted owners by 13% over 4 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.
| Figure | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|
| Revenue | $1.1M1 | $530,6061 | $202,0072 | $716,8852 |
| Net income | $174,2683 | −$93,1973 | −$714,6804 | −$8.02M4 |
| Operating cash flow | −$184,6925 | −$239,1115 | −$256,2156 | −$4.17M6 |
| Capital expenditure | — | — | — | $591,1917 |
| Free cash flow (derived) | — | — | — | −$4.76M6,7 |
| Total debt | — | $472,4778,9 | $473,18810 | $470,24911 |
| Cash & equivalents | — | $268,16012 | $31,95013 | $2.71M13 |
| Diluted shares | 7.7M | 7.7M | 8.7M | — |
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.
It earned an average -266% on invested capital over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 13% over 4 years — owners have been diluted. Worth asking what they got for it. 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F filed 2025-07-31 · periods ending 2023-03-31, 2024-03-31 · accession 0001641172-25-021732 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-07-14 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-033093 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2025-07-31 · periods ending 2023-03-31, 2024-03-31 · accession 0001641172-25-021732 (NetIncomeLoss)
- 10-K filed 2026-07-14 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-033093 (NetIncomeLoss)
- 20-F filed 2025-07-31 · periods ending 2023-03-31, 2024-03-31 · accession 0001641172-25-021732 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-07-14 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-033093 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-07-14 · period ending 2026-03-31 · accession 0001493152-26-033093 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-07-31 · period ending 2024-03-31 · accession 0001641172-25-021732 (LongTermDebtNoncurrent)
- 20-F filed 2025-07-31 · period ending 2024-03-31 · accession 0001641172-25-021732 (LongTermDebtCurrent)
- 20-F filed 2025-07-31 · period ending 2025-03-31 · accession 0001641172-25-021732 (LongTermDebt)
- 10-K filed 2026-07-14 · period ending 2026-03-31 · accession 0001493152-26-033093 (LongTermDebt)
- 20-F filed 2025-07-31 · period ending 2024-03-31 · accession 0001641172-25-021732 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-07-14 · periods ending 2025-03-31, 2026-03-31 · accession 0001493152-26-033093 (CashAndCashEquivalentsAtCarryingValue)