MeritValue

Paranovus Entertainment Technology Ltd.

PAVSdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Paranovus Entertainment Technology Ltd. earns about -36% on invested capital, and has bought back 100% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$20.8M1$02$03$71,5423$14.6M3
Net income−$48.8M4−$71.7M5−$10.1M6−$7.89M6−$12.7M6
Operating cash flow−$10.5M7−$20.7M8−$13.1M9−$2.67M9−$1.4M9
Capital expenditure$273,65010$010$011$011$011
Free cash flow (derived)−$10.8M7−$20.7M8−$13.1M9−$2.67M9−$1.4M9
Total debt$2.27M12$2.24M12———
Cash & equivalents$19.7M13$3.36M13$341,77914$261,35515$10.3M15
Diluted shares40.5M5.7M397041,500

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
$208,323.7
your share of equity
Profit it earned you last year
−$84,892.13
Free cash flow it threw off
−$9,333.54
Debt you’d be carrying
—

10 shares is a claim on $208,323.7 of net worth that earned you −$84,892.13 and generated −$9,333.54 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-36% avg · 5y
FY22 -13%FY23 -25%FY24 -64%FY25 -22%FY26 -54%

It earned an average -36% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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.

iv. What it’s worth — engine v0.5.0
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 2022-03-31 · accession 0001929980-24-000320 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001929980-25-000590 (Revenues)
  3. 20-F · period ending 2024-03-31 · accession 0001929980-26-000454 (Revenues)
  4. 20-F · period ending 2022-03-31 · accession 0001929980-24-000320 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001929980-25-000590 (NetIncomeLoss)
  6. 20-F · period ending 2024-03-31 · accession 0001929980-26-000454 (NetIncomeLoss)
  7. 20-F · period ending 2022-03-31 · accession 0001929980-24-000320 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-03-31 · accession 0001929980-25-000590 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-03-31 · accession 0001929980-26-000454 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001929980-24-000320 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-03-31 · accession 0001929980-26-000454 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F/A · period ending 2022-03-31 · accession 0001213900-23-079694 (ShortTermBorrowings)
  13. 20-F/A · period ending 2022-03-31 · accession 0001213900-23-079694 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2024-03-31 · accession 0001929980-25-000590 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2025-03-31 · accession 0001929980-26-000454 (CashAndCashEquivalentsAtCarryingValue)