MeritValue

PHAOS TECHNOLOGY HOLDINGS (CAYMAN) Ltd

POASdata completeness 100%2 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'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

PHAOS TECHNOLOGY HOLDINGS (CAYMAN) Ltd earns about -104% on invested capital, but has diluted owners by 20% 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 2025FY 2026
Revenue$128,4641$103,6942
Net income−$3.93M3−$4.83M4
Operating cash flow−$2.8M5−$8.56M6
Capital expenditure$184,0037$31,1838
Free cash flow (derived)−$2.98M5−$8.59M6
Total debt$205,2569$123,05210
Cash & equivalents$99,23711$598,43012
Diluted shares10.5M12.6M

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
$3.3
your share of equity
Profit it earned you last year
−$3.83
Free cash flow it threw off
−$6.81
Debt you’d be carrying
$0.1

10 shares is a claim on $3.3 of net worth that earned you −$3.83 and generated −$6.81 of cash last year, against $0.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-104% avg · 2y
FY25 —FY26 -104%

It earned an average -104% 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
+20% shares · 2y

Share count is up 20% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 40% — 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 v0.5.0
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 2025-04-30 · accession 0001493152-25-014078 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2025-04-30 · accession 0001493152-25-014078 (NetIncomeLoss)
  4. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (NetIncomeLoss)
  5. 20-F · period ending 2025-04-30 · accession 0001493152-25-014078 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2025-04-30 · accession 0001493152-25-014078 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-04-30 · accession 0001493152-25-014078 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2025-04-30 · accession 0001493152-25-014078 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2026-04-30 · accession 0001493152-26-040828 (CashAndCashEquivalentsAtCarryingValue)