MeritValue

OFA Group

OFALdata completeness 88%4 fiscal years on file
The thesis, from the filings

OFA Group earns about -79% 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.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025FY 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
Total debt—$472,4778$946,7549$940,4989
Cash & equivalents—$268,16010$31,95011$2.71M11
Diluted shares7.7M7.7M8.7M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-79% avg · 4y
FY23 —FY24 —FY25 -90%FY26 -69%

It earned an average -79% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 4y

Share count is up 13% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 99% over the same window.

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 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
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. 20-F · period ending 2023-03-31 · accession 0001641172-25-021732 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-03-31 · accession 0001493152-26-033093 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-021732 (NetIncomeLoss)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-033093 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-021732 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-033093 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2026-03-31 · accession 0001493152-26-033093 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001641172-25-021732 (LongTermDebtNoncurrent)
  9. 10-K · period ending 2025-03-31 · accession 0001493152-26-033093 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2024-03-31 · accession 0001641172-25-021732 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2025-03-31 · accession 0001493152-26-033093 (CashAndCashEquivalentsAtCarryingValue)