MeritValue

Recon Technology, Ltd

RCONdata completeness 88%16 fiscal years on file
The thesis, from the filings

Recon Technology, Ltd earns about 20% on invested capital, and has bought back 94% of its shares over 5 years. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$12.5M1$9.26M2$9.47M3$9.25M4$16.2M5
Net income$14.3M6−$8.16M7−$6.86M8−$5.95M9−$4.37M10
Operating cash flow−$3.92M11−$7.13M12−$6.02M13−$4.71M14−$8.67M15
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.49M16$1.72M17$1.71M18$1.62M19$1.67M20
Cash & equivalents$47.3M21$14.4M22$15.1M23$13.8M24$4.38M25
Diluted shares1.7M2.2M25,26245,492111,286

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7,500.16
your share of equity
Profit it earned you last year
−$392.8
Free cash flow it threw off
—
Debt you’d be carrying
$149.73

10 shares is a claim on $7,500.16 of net worth that earned you −$392.8 last year, against $149.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY22 84%FY23 -13%FY24 -10%FY25 —FY26 —

It earned an average 20% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 12% over the same window.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 →

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Sources — the receipts
  1. 20-F filed 2022-10-28 · period ending 2022-06-30 · accession 0001410578-22-002904 (Revenues)
  2. 20-F/A filed 2024-05-24 · period ending 2023-06-30 · accession 0001410578-24-000966 (Revenues)
  3. 20-F filed 2024-10-30 · period ending 2024-06-30 · accession 0001410578-24-001721 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F filed 2025-10-15 · period ending 2025-06-30 · accession 0001104659-25-099502 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F filed 2026-09-30 · period ending 2026-06-30 · accession 0001104659-26-112415 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F filed 2022-10-28 · period ending 2022-06-30 · accession 0001410578-22-002904 (NetIncomeLoss)
  7. 20-F/A filed 2024-05-24 · period ending 2023-06-30 · accession 0001410578-24-000966 (NetIncomeLoss)
  8. 20-F filed 2024-10-30 · period ending 2024-06-30 · accession 0001410578-24-001721 (NetIncomeLoss)
  9. 20-F filed 2025-10-15 · period ending 2025-06-30 · accession 0001104659-25-099502 (NetIncomeLoss)
  10. 20-F filed 2026-09-30 · period ending 2026-06-30 · accession 0001104659-26-112415 (NetIncomeLoss)
  11. 20-F filed 2022-10-28 · period ending 2022-06-30 · accession 0001410578-22-002904 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F/A filed 2024-05-24 · period ending 2023-06-30 · accession 0001410578-24-000966 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F filed 2024-10-30 · period ending 2024-06-30 · accession 0001410578-24-001721 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F filed 2025-10-15 · period ending 2025-06-30 · accession 0001104659-25-099502 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F filed 2026-09-30 · period ending 2026-06-30 · accession 0001104659-26-112415 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F filed 2022-10-28 · period ending 2022-06-30 · accession 0001410578-22-002904 (ShortTermBankLoansAndNotesPayable)
  17. 20-F/A filed 2024-05-24 · period ending 2023-06-30 · accession 0001410578-24-000966 (ShortTermBankLoansAndNotesPayable)
  18. 20-F filed 2024-10-30 · period ending 2024-06-30 · accession 0001410578-24-001721 (ShortTermBankLoansAndNotesPayable)
  19. 20-F filed 2025-10-15 · period ending 2025-06-30 · accession 0001104659-25-099502 (ShortTermBankLoansAndNotesPayable)
  20. 20-F filed 2026-09-30 · period ending 2026-06-30 · accession 0001104659-26-112415 (ShortTermBankLoansAndNotesPayable)
  21. 20-F filed 2022-10-28 · period ending 2022-06-30 · accession 0001410578-22-002904 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F/A filed 2024-05-24 · period ending 2023-06-30 · accession 0001410578-24-000966 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F filed 2024-10-30 · period ending 2024-06-30 · accession 0001410578-24-001721 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F filed 2025-10-15 · period ending 2025-06-30 · accession 0001104659-25-099502 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F filed 2026-09-30 · period ending 2026-06-30 · accession 0001104659-26-112415 (CashAndCashEquivalentsAtCarryingValue)