MeritValue

SUI Group Holdings Ltd.

SUIGdata completeness 75%12 fiscal years on file

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

The thesis, from the filings

SUI Group Holdings Ltd. earns about -75% on equity, but has diluted owners by 739% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$3.3M1$3.9M1
Net income———$1.17M2−$266.1M3
Operating cash flow−$1.89M4−$4.89M5−$1.14M6$5.65M7−$8.24M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.94M8$1.09M9$376,02410$6.03M11$21.9M12
Diluted shares4.8M5.3M6.4M6.5M40.2M

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
$42.21
your share of equity
Profit it earned you last year
−$66.17
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $42.21 of net worth that earned you −$66.17 last year.

iii. Is this a good business?
Moat signal · return on equity
-75% avg · 5y
FY21 —FY22 —FY23 —FY24 6%FY25 -157%

It earned an average -75% 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
+739% shares · 5y

Share count is up 739% over 5 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 v0.1.0
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. 10-K · period ending 2024-12-31 · accession 0001654954-26-001672 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001654954-26-001672 (ProfitLoss)
  3. 10-K · period ending 2025-12-31 · accession 0001654954-26-001672 (NetIncomeLoss)
  4. 10-K/A · period ending 2021-12-31 · accession 0001654954-23-007053 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001654954-24-004122 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001654954-25-002487 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001654954-26-001672 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2021-12-31 · accession 0001654954-23-007053 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2022-12-31 · accession 0001654954-24-004122 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2023-12-31 · accession 0001654954-25-002487 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001654954-26-001672 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2025-12-31 · accession 0001654954-26-001672 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)