rYojbaba Co., Ltd.
RYOJdata completeness 100%3 fiscal years on filerYojbaba Co., Ltd. earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 5% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.76 and $1.08 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $11M1 | $11.6M1 | $9.34M1 |
| Net income | $770,5712 | $1.33M2 | $119,3942 |
| Operating cash flow | $388,9893 | $802,3863 | $863,9253 |
| Capital expenditure | $70,3434 | $121,2434 | $175,4414 |
| Free cash flow (derived) | $318,6463 | $681,1433 | $688,4843 |
| Total debt | — | $5.05M5 | $7.95M5 |
| Cash & equivalents | $4.78M6 | $2.61M7 | $6.16M7 |
| Diluted shares | 10.0M | 10.0M | 10.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $5.8 of net worth that earned you $0.11 and generated $0.66 of cash last year, against $7.57 of debt.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 5% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 57% 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.
The 3 estimate methods that apply put fair value between $0.76 and $1.08 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$681,143
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$681,143
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$770,571
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.76 |
| Base | 5.0% | $0.98 |
| Bull | 10.0% | $1.25 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001493152-26-012158 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-012158 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-012158 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-012158 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001493152-26-012158 (LongTermDebtNoncurrent)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-012158 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2024-12-31 · accession 0001493152-26-012158 (CashAndCashEquivalentsAtCarryingValue)