TIAN RUIXIANG HOLDINGS LTD
TIRXFdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'
TIAN RUIXIANG HOLDINGS LTD earns about -3% on invested capital, below its ~9% cost of capital, but has diluted owners by 65% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $9.86 and $10.68 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $3.25M1 | $2.79M2 | $1.35M3 | $1.24M3 | $3.22M3 |
| Net income | $634,1034 | −$1.94M5 | −$4.68M6 | −$2.45M6 | −$3.99M6 |
| Operating cash flow | −$48,1697 | −$1.36M8 | −$198,7609 | $994,3049 | $897,8949 |
| Capital expenditure | $3,45710 | $3,41111 | $2,34612 | $012 | $012 |
| Free cash flow (derived) | −$51,6267 | −$1.37M8 | −$201,1069 | $994,3049 | $897,8949 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $6.14M13 | $30M14 | $2,50814 | $2,38314 | $297,28814 |
| Diluted shares | 1.0M | 344,425 | 518,655 | 633,336 | 1.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $205.84 of net worth that earned you −$24.22 and generated $5.45 of cash last year.
It earned about -3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 65% 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.
The 2 estimate methods that apply put fair value between $9.86 and $10.68 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$897,894
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$897,894
Different models answer different questions — which to trust when →
| Bear | 0.0% | $7.97 |
| Base | 5.0% | $9.86 |
| Bull | 10.0% | $12.12 |
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 2020-10-31 · accession 0001410578-23-000272 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-10-31 · accession 0001410578-24-001091 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-10-31 · accession 0001410578-25-000068 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2020-10-31 · accession 0001410578-23-000272 (NetIncomeLoss)
- 20-F · period ending 2021-10-31 · accession 0001410578-24-001091 (NetIncomeLoss)
- 20-F · period ending 2022-10-31 · accession 0001410578-25-000068 (NetIncomeLoss)
- 20-F · period ending 2020-10-31 · accession 0001410578-23-000272 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-10-31 · accession 0001410578-24-001091 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-10-31 · accession 0001410578-25-000068 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2020-10-31 · accession 0001410578-23-000272 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-10-31 · accession 0001410578-24-001091 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-10-31 · accession 0001410578-25-000068 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2020-10-31 · accession 0001410578-24-001091 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2021-10-31 · accession 0001410578-25-000068 (CashAndCashEquivalentsAtCarryingValue)