MeritValue

Perfect Moment Ltd.

PMNTdata completeness 88%4 fiscal years on file
The thesis, from the filings

Perfect Moment Ltd. earns about -486% on equity, but has diluted owners by 594% over 4 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 2023FY 2024FY 2025FY 2026
Revenue$23.4M1$24.4M2$21.5M3$23.6M3
Net income−$10.3M4−$8.72M5−$15.9M6−$7.13M6
Operating cash flow−$3.51M7−$4.45M8−$9.86M9−$9M9
Capital expenditure$249,00010$211,00011$302,00012$359,00012
Free cash flow (derived)−$3.76M7−$4.66M8−$10.2M9−$9.36M9
Total debt——$1.85M13—
Cash & equivalents$4.71M14$7.91M15$6.16M16$1.15M16
Diluted shares4.8M6.5M16.1M33.1M

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
−$0.21
your share of equity
Profit it earned you last year
−$2.16
Free cash flow it threw off
−$2.83
Debt you’d be carrying
—

10 shares is a claim on −$0.21 of net worth that earned you −$2.16 and generated −$2.83 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-486% avg · 4y
FY23 —FY24 -112%FY25 -859%FY26 —

It earned an average -486% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+594% shares · 4y

Share count is up 594% over 4 years — owners have been diluted. Worth asking what they got for it. 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 v0.1.0
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. 10-K · period ending 2023-03-31 · accession 0001493152-24-025792 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-03-31 · accession 0001641172-25-017186 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-03-31 · accession 0001493152-24-025792 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001641172-25-017186 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001493152-24-025792 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-03-31 · accession 0001641172-25-017186 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-025792 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-017186 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (ShortTermBorrowings)
  14. 10-K · period ending 2023-03-31 · accession 0001493152-24-025792 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001641172-25-017186 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001493152-26-030418 (CashAndCashEquivalentsAtCarryingValue)