MeritValue

Ridgetech Inc.

RDGTdata completeness 88%7 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 'dividendsPaid'

The thesis, from the filings

Ridgetech Inc. earns about -9% on invested capital, and has bought back 58% 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$164.4M1$148.8M1$154.5M1$120M2$132.2M2
Net income−$3.19M3−$21.1M4−$4.23M5$10.2M5−$1.25M5
Operating cash flow−$5.39M6−$3.28M7−$3.16M8$1.25M8−$1.39M8
Capital expenditure$89,9609$118,27210$330,67711$155,36011$44911
Free cash flow (derived)−$5.48M6−$3.4M7−$3.49M8$1.09M8−$1.39M8
Total debt——$276,99712——
Cash & equivalents$18.5M13$18.8M14$2.3M15$12.8M16$17.9M16
Diluted shares173,966509,8289,62836,95472,668

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
$5,611.36
your share of equity
Profit it earned you last year
−$172.07
Free cash flow it threw off
−$191.89
Debt you’d be carrying
—

10 shares is a claim on $5,611.36 of net worth that earned you −$172.07 and generated −$191.89 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-9% avg · 5y
FY22 -26%FY23 —FY24 -2%FY25 -4%FY26 -5%

It earned an average -9% 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
−58% shares · 5y

Share count is down 58% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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 v0.5.0
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. 20-F · period ending 2022-03-31 · accession 0001013762-24-002657 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-26-083638 (Revenues)
  3. 20-F · period ending 2022-03-31 · accession 0001013762-24-002657 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-067924 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-26-083638 (NetIncomeLoss)
  6. 20-F · period ending 2022-03-31 · accession 0001013762-24-002657 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001213900-25-067924 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-26-083638 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-03-31 · accession 0001013762-24-002657 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-03-31 · accession 0001213900-25-067924 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-03-31 · accession 0001213900-26-083638 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-03-31 · accession 0001013762-24-002657 (ShortTermBorrowings)
  13. 20-F · period ending 2022-03-31 · accession 0001213900-23-049280 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-03-31 · accession 0001013762-24-002657 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-03-31 · accession 0001213900-25-067924 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2025-03-31 · accession 0001213900-26-083638 (CashAndCashEquivalentsAtCarryingValue)