MeritValue

Reitar Logtech Holdings Ltd

RITRdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Reitar Logtech Holdings Ltd earns about 8% on invested capital, but has diluted owners by 2% 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 2024FY 2025
Revenue$32.2M1$48.6M2
Net income$2.52M3$1.01M4
Operating cash flow−$2.39M5−$8.01M6
Capital expenditure$66,1527$503,3278
Free cash flow (derived)−$2.46M5−$8.52M6
Total debt$5.22M9$10.1M10
Cash & equivalents$816,63011$2.62M12
Diluted shares60.0M61.5M

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
$3.41
your share of equity
Profit it earned you last year
$0.16
Free cash flow it threw off
−$1.39
Debt you’d be carrying
$1.64

10 shares is a claim on $3.41 of net worth that earned you $0.16 and generated −$1.39 of cash last year, against $1.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 2y
FY24 15%FY25 2%

It earned an average 8% 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
+2% shares · 2y

Share count is up 2% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 93% 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 v0.1.0
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
$0.39
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (NetIncomeLoss)
  4. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (NetIncomeLoss)
  5. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (ShortTermBorrowings)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (ShortTermBorrowings)
  11. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (CashAndCashEquivalentsAtCarryingValue)