MeritValue

Real Messenger Corp

RMSGdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Real Messenger Corp earns about -823% on invested capital, but has diluted owners by 98% over 4 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 2023FY 2024FY 2025FY 2026
Revenue———$29,4721
Net income−$4.26M2−$4.9M3−$3.38M3−$4.09M3
Operating cash flow−$5.06M4−$4.76M5−$4.01M5−$3.57M5
Capital expenditure$31,7226$12,6217—$7,8437
Free cash flow (derived)−$5.09M4−$4.77M5—−$3.58M5
Total debt————
Cash & equivalents—$597,1608$2.58M9$321,9659
Diluted shares4.5M4.5M6.1M8.9M

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
$0.55
your share of equity
Profit it earned you last year
−$4.59
Free cash flow it threw off
−$4.02
Debt you’d be carrying
—

10 shares is a claim on $0.55 of net worth that earned you −$4.59 and generated −$4.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-823% avg · 4y
FY23 -271%FY24 —FY25 -237%FY26 -1961%

It earned an average -823% 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
+98% shares · 4y

Share count is up 98% over 4 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 v0.5.0
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 2026-03-31 · accession 0001493152-26-034963 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001641172-25-021609 (NetIncomeLoss)
  3. 20-F · period ending 2024-03-31 · accession 0001493152-26-034963 (NetIncomeLoss)
  4. 20-F · period ending 2023-03-31 · accession 0001641172-25-021609 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2024-03-31 · accession 0001493152-26-034963 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001641172-25-021609 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2024-03-31 · accession 0001493152-26-034963 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001641172-25-021609 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2025-03-31 · accession 0001493152-26-034963 (CashAndCashEquivalentsAtCarryingValue)