MeritValue

Aureus Greenway Holdings Inc

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

Aureus Greenway Holdings Inc earns about -7% on invested capital, but has diluted owners by 27% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.05 a share.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 2025
Revenue$3.01M1$3.55M1$3.3M2$2.96M2
Net income$323,1933$386,1283−$183,7004−$3.68M4
Operating cash flow$576,2565$848,0325$89,6766−$2.03M6
Capital expenditure$207,5827$147,9537$126,6798$1.07M8
Free cash flow (derived)$368,6745$700,0795−$37,0036−$3.1M6
Total debt—$921,2859$286,38510—
Cash & equivalents—$646,29411$457,14212$28.7M12
Diluted shares10.9M10.9M10.9M13.9M

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
$23.6
your share of equity
Profit it earned you last year
−$2.65
Free cash flow it threw off
−$2.24
Debt you’d be carrying
—

10 shares is a claim on $23.6 of net worth that earned you −$2.65 and generated −$2.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 4y
FY22 41%FY23 18%FY24 -12%FY25 -73%

It earned an average -7% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+27% shares · 4y

Share count is up 27% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 69% — 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
$0.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$69,746.5
  • growthAssumed0.0%
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 2022-12-31 · accession 0001641172-25-001168 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001641172-25-001168 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001641172-25-001168 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001641172-25-001168 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001168 (LongTermDebt)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001168 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014320 (CashAndCashEquivalentsAtCarryingValue)