MeritValue

SIMPPLE LTD.

SPPLdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

SIMPPLE LTD. earns about -161% on invested capital, but has diluted owners by 63% over 2 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 2025
Revenue$2.76M1$4.59M2
Net income−$2.88M3−$3.25M4
Operating cash flow−$845,4705−$1.41M6
Capital expenditure$11,6397$436,8298
Free cash flow (derived)−$857,1095−$1.84M6
Total debt—$1.53M9
Cash & equivalents$376,83010$2.44M11
Diluted shares3.5M5.8M

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
$4.61
your share of equity
Profit it earned you last year
−$5.62
Free cash flow it threw off
−$3.18
Debt you’d be carrying
$2.65

10 shares is a claim on $4.61 of net worth that earned you −$5.62 and generated −$3.18 of cash last year, against $2.65 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-161% avg · 2y
FY24 -176%FY25 -146%

It earned an average -161% 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
+63% shares · 2y

Share count is up 63% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 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
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 0001641172-25-003217 (Revenues)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-003217 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-003217 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-003217 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (ShortTermBorrowings)
  10. 20-F · period ending 2024-12-31 · accession 0001641172-25-003217 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2025-12-31 · accession 0001493152-26-015631 (CashAndCashEquivalentsAtCarryingValue)