MeritValue

Perpetuals.com Ltd

PDCdata completeness 100%5 fiscal years on file
The thesis, from the filings

Perpetuals.com Ltd earns about -150% on equity, but has diluted owners by 12% 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——$342,4411$1.14M2$3.09M3
Net income−$518,5514−$3.82M5−$2.68M6−$2.36M6−$1.8M6
Operating cash flow——−$2.94M7−$2.5M8−$1.34M9
Capital expenditure——$11,96810$2,13111$3,05212
Free cash flow (derived)——−$2.95M7−$2.5M8−$1.35M9
Total debt——$2.83M13$2.14M13$687,97414
Cash & equivalents—$4.83M15$1.13M16$2.14M17$731,81918
Diluted shares13.4M13.8M13.8M14.8M15.1M

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
$0.34
your share of equity
Profit it earned you last year
−$1.19
Free cash flow it threw off
−$0.89
Debt you’d be carrying
$0.46

10 shares is a claim on $0.34 of net worth that earned you −$1.19 and generated −$0.89 of cash last year, against $0.46 of debt.

iii. Is this a good business?
Moat signal · return on equity
-150% avg · 5y
FY21 -25%FY22 -92%FY23 -183%FY24 -102%FY25 -347%

It earned an average -150% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 76% — 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 2023-04-30 · accession 0001213900-23-077074 (Revenues)
  2. 20-F · period ending 2024-04-30 · accession 0001213900-24-072587 (Revenues)
  3. 20-F · period ending 2025-04-30 · accession 0001213900-25-081217 (Revenues)
  4. 20-F · period ending 2021-04-30 · accession 0001213900-23-077074 (NetIncomeLoss)
  5. 20-F · period ending 2022-04-30 · accession 0001213900-24-072587 (NetIncomeLoss)
  6. 20-F · period ending 2023-04-30 · accession 0001213900-25-081217 (NetIncomeLoss)
  7. 20-F · period ending 2023-04-30 · accession 0001213900-23-077074 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-04-30 · accession 0001213900-24-072587 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2025-04-30 · accession 0001213900-25-081217 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-04-30 · accession 0001213900-23-077074 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-04-30 · accession 0001213900-24-072587 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2025-04-30 · accession 0001213900-25-081217 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-04-30 · accession 0001213900-24-072587 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2025-04-30 · accession 0001213900-25-081217 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2022-04-30 · accession 0001213900-23-077074 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2023-04-30 · accession 0001213900-24-072587 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2024-04-30 · accession 0001213900-24-072587 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2025-04-30 · accession 0001213900-25-081217 (CashAndCashEquivalentsAtCarryingValue)