MeritValue

Plutus Financial Group Ltd

PLUTdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

Plutus Financial Group Ltd earns about -30% on invested capital, but has diluted owners by 21% over 2 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 2024FY 2025
Revenue$1.26M1$1.34M1
Net income−$710,0002−$5.06M3
Operating cash flow−$1.04M4−$10.3M5
Capital expenditure$167,0006$5,0007
Free cash flow (derived)−$1.21M4−$10.3M5
Total debt——
Cash & equivalents$3.94M8$1.67M9
Diluted shares12.0M14.5M

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
$7.71
your share of equity
Profit it earned you last year
−$3.49
Free cash flow it threw off
−$7.1
Debt you’d be carrying
—

10 shares is a claim on $7.71 of net worth that earned you −$3.49 and generated −$7.1 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 2y
FY24 -21%FY25 -39%

It earned an average -30% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+21% shares · 2y

Share count is up 21% over 2 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001493152-26-022181 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001641172-25-007901 (NetIncomeLoss)
  3. 20-F · period ending 2025-12-31 · accession 0001493152-26-022181 (NetIncomeLoss)
  4. 20-F · period ending 2024-12-31 · accession 0001641172-25-007901 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-022181 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-12-31 · accession 0001641172-25-007901 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2025-12-31 · accession 0001493152-26-022181 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-12-31 · accession 0001641172-25-007901 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2025-12-31 · accession 0001493152-26-022181 (CashAndCashEquivalentsAtCarryingValue)