MeritValue

SPRINGVIEW HOLDINGS LTD

SPHLdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SPRINGVIEW HOLDINGS LTD earns about -28% on invested capital, 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 2024FY 2025
Revenue$6.45M1$6.07M2
Net income−$754,7503−$1.83M4
Operating cash flow−$388,8685−$1.59M6
Capital expenditure——
Free cash flow (derived)——
Total debt$1.92M7$1.35M8
Cash & equivalents$2.62M9$2.96M9
Diluted shares11.4M11.5M

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
$4.68
your share of equity
Profit it earned you last year
−$1.6
Free cash flow it threw off
—
Debt you’d be carrying
$1.17

10 shares is a claim on $4.68 of net worth that earned you −$1.6 last year, against $1.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 2y
FY24 -16%FY25 -40%

It earned an average -28% 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
+0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has fallen 30% — deleveraging.

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
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001213900-25-036079 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001213900-26-048587 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-036079 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-048587 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001213900-25-036079 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-048587 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-036079 (LongTermDebtNoncurrent)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-048587 (LongTermDebtNoncurrent)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-048587 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)