MeritValue

QDM International Inc.

QDMIdata completeness 75%14 fiscal years on file
The thesis, from the filings

QDM International Inc. earns about 38% on equity, but has diluted owners by 4009% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.88 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 2025FY 2026
Revenue$68,9691$1.13M2$6.37M3$8.38M4$21.5M4
Net income−$378,1655$44,5506$1.56M7$4.82M8$7.53M8
Operating cash flow−$398,6109$11,81310$2.21M11$4.08M12$1.77M12
Capital expenditure$3,70013$17,50314$92,69315——
Free cash flow (derived)−$402,3109−$5,69010$2.12M11——
Total debt—————
Cash & equivalents$69,65816$2.72M17$5.16M18$8.56M19$10.3M19
Diluted shares209,521291.6M291.6M8.6M8.6M

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
$18.08
your share of equity
Profit it earned you last year
$8.75
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $18.08 of net worth that earned you $8.75 last year.

iii. Is this a good business?
Moat signal · return on equity
38% avg · 5y
FY22 —FY23 2%FY24 46%FY25 55%FY26 48%

It earned an average 38% 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
+4009% shares · 5y

Share count is up 4009% over 5 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
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
$1.88
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.56M
  • growthAssumed0.0%
Graham Number
$5.98
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001731122-22-001152 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-057975 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-062865 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001213900-26-073119 (Revenues)
  5. 10-K · period ending 2022-03-31 · accession 0001731122-22-001152 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-057975 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-062865 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-073119 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001731122-22-001152 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-24-057975 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-25-062865 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001213900-26-073119 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001731122-22-001152 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-24-057975 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-062865 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-03-31 · accession 0001731122-22-001152 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-03-31 · accession 0001213900-24-057975 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001213900-25-062865 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-03-31 · accession 0001213900-26-073119 (CashAndCashEquivalentsAtCarryingValue)