MeritValue

Roma Green Finance Ltd

ROMAdata completeness 88%3 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 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Roma Green Finance Ltd earns about -47% on invested capital, but has diluted owners by 534% over 3 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 2025FY 2026
Revenue$1.27M1$1.56M2$1.22M3
Net income−$748,7494−$3.56M5−$3.5M6
Operating cash flow−$3.21M7−$1.61M8−$2.54M9
Capital expenditure$78510—$1,47811
Free cash flow (derived)−$3.21M7—−$2.54M9
Total debt———
Cash & equivalents$5.53M12$2.68M13$884,39614
Diluted shares8.1M13.6M51.6M

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
$1.86
your share of equity
Profit it earned you last year
−$0.68
Free cash flow it threw off
−$0.49
Debt you’d be carrying
—

10 shares is a claim on $1.86 of net worth that earned you −$0.68 and generated −$0.49 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-47% avg · 3y
FY24 -31%FY25 -79%FY26 -32%

It earned an average -47% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+534% shares · 3y

Share count is up 534% over 3 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
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
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 2024-03-31 · accession 0001493152-24-029903 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2025-03-31 · accession 0001641172-25-021681 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2026-03-31 · accession 0001493152-26-035563 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-03-31 · accession 0001493152-24-029903 (NetIncomeLoss)
  5. 20-F · period ending 2025-03-31 · accession 0001641172-25-021681 (NetIncomeLoss)
  6. 20-F · period ending 2026-03-31 · accession 0001493152-26-035563 (NetIncomeLoss)
  7. 20-F · period ending 2024-03-31 · accession 0001493152-24-029903 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2025-03-31 · accession 0001641172-25-021681 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2026-03-31 · accession 0001493152-26-035563 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0001493152-24-029903 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2026-03-31 · accession 0001493152-26-035563 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-03-31 · accession 0001493152-24-029903 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2025-03-31 · accession 0001641172-25-021681 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2026-03-31 · accession 0001493152-26-035563 (CashAndCashEquivalentsAtCarryingValue)