MeritValue

Ostin Technology Group Co., Ltd.

OSTdata completeness 100%6 fiscal years on file
The thesis, from the filings

Ostin Technology Group Co., Ltd. earns about -14% on invested capital, and has bought back 77% of its shares over 5 years. 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$167.7M1$105.4M2$57.5M3$32.5M3$39.7M3
Net income$3.3M4$112,2274−$11M5−$10.2M5−$10.3M5
Operating cash flow−$17.7M6$9.7M7−$2.59M8−$4.94M8$85,2458
Capital expenditure$6.21M9$5.12M10$4.48M11$2.42M11$7.2M11
Free cash flow (derived)−$23.9M6$4.58M7−$7.08M8−$7.36M8−$7.12M8
Total debt$32.6M12$21M13$25.6M14$26.7M15$25.6M15
Cash & equivalents$684,33516$3.66M17$854,51817$1.02M18$5.07M18
Diluted shares10.1M1.2M56,02559,7502.3M

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
$30.63
your share of equity
Profit it earned you last year
−$45.11
Free cash flow it threw off
−$31.14
Debt you’d be carrying
$112.17

10 shares is a claim on $30.63 of net worth that earned you −$45.11 and generated −$31.14 of cash last year, against $112.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 7%FY22 1%FY23 -22%FY24 -26%FY25 -29%

It earned an average -14% 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
−77% shares · 5y

Share count is down 77% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 21% — 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 v0.1.0
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
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 2021-09-30 · accession 0001213900-24-008053 (Revenues)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-25-007016 (Revenues)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-26-007702 (Revenues)
  4. 20-F · period ending 2021-09-30 · accession 0001213900-23-012263 (NetIncomeLoss)
  5. 20-F · period ending 2023-09-30 · accession 0001213900-26-007702 (ProfitLoss)
  6. 20-F · period ending 2021-09-30 · accession 0001213900-24-008053 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-09-30 · accession 0001213900-25-007016 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-09-30 · accession 0001213900-26-007702 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-09-30 · accession 0001213900-24-008053 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-09-30 · accession 0001213900-25-007016 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-09-30 · accession 0001213900-26-007702 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-09-30 · accession 0001213900-23-012263 (LongTermDebt)
  13. 20-F · period ending 2022-09-30 · accession 0001213900-24-008053 (ShortTermBorrowings)
  14. 20-F · period ending 2023-09-30 · accession 0001213900-25-007016 (LongTermDebt)
  15. 20-F · period ending 2024-09-30 · accession 0001213900-26-007702 (LongTermDebt)
  16. 20-F · period ending 2021-09-30 · accession 0001213900-23-012263 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-09-30 · accession 0001213900-25-007016 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-09-30 · accession 0001213900-26-007702 (CashAndCashEquivalentsAtCarryingValue)