MeritValue

Onfolio Holdings, Inc

ONFOdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Onfolio Holdings, Inc earns about -241% on invested capital, but has diluted owners by 123% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.81M1$2.22M2$5.24M3$7.86M4$10.7M4
Net income−$1.9M5−$4.23M6−$9.15M7−$1.77M8−$2.59M8
Operating cash flow−$1.14M9−$2.87M10−$2.75M11−$1.17M12−$938,24812
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.71M13$6.7M14$982,26114$476,87415$2.18M15
Diluted shares2.4M5.1M5.1M5.1M5.3M

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
$4.72
your share of equity
Profit it earned you last year
−$4.92
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.72 of net worth that earned you −$4.92 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-241% avg · 5y
FY21 -91%FY22 -58%FY23 -214%FY24 -52%FY25 -791%

It earned an average -241% 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
+123% shares · 5y

Share count is up 123% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2021-12-31 · accession 0001654954-23-004611 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-004048 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-004315 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-003083 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-004611 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-004048 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-004315 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-003083 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-004611 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-004048 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-004315 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-003083 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-24-004048 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-004048 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001654954-26-003083 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)