MeritValue

SEATech Ventures Corp.

SEAVdata completeness 63%7 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

SEATech Ventures Corp. earns about -93% on equity, with a roughly flat share count. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$383,2401$548,0952$328,3403——
Net income−$101,6504−$94,1575−$302,8296−$156,9267−$39,3417
Operating cash flow−$85,0518−$59,5299−$124,66110−$39,98211−$50,07311
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$192,28612$136,19313$29,39214$12,33015$46515
Diluted shares92.5M92.5M97.3M111.4M92.6M

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
−$0.04
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.04 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on equity
-93% avg · 5y
FY21 -60%FY22 -126%FY23 —FY24 —FY25 —

It earned an average -93% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-046084 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-018557 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004728 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-046084 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-018557 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-004728 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-016953 (NetIncomeLoss)
  8. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-046084 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-018557 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-004728 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-016953 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-046084 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-018557 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-004728 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016953 (CashAndCashEquivalentsAtCarryingValue)