MeritValue

Ten-League International Holdings Ltd

TLIHdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Ten-League International Holdings Ltd earns about 15% on invested capital, but has diluted owners by 3% 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$42.8M1$59.2M2
Net income$1.38M3$4.35M4
Operating cash flow$3.67M5$20.4M6
Capital expenditure$9.38M7$13.4M8
Free cash flow (derived)−$5.71M5$7.02M6
Total debt$17.1M9$13.2M10
Cash & equivalents$502,00011$8.31M12
Diluted shares27.8M28.6M

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
$4.55
your share of equity
Profit it earned you last year
$1.52
Free cash flow it threw off
$2.46
Debt you’d be carrying
$4.61

10 shares is a claim on $4.55 of net worth that earned you $1.52 and generated $2.46 of cash last year, against $4.61 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 2y
FY24 7%FY25 24%

It earned an average 15% 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
+3% shares · 2y

Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 23% — 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 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
$1.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (Revenues)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (NetIncomeLoss)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (ShortTermBorrowings)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (ShortTermBorrowings)
  11. 20-F · period ending 2024-12-31 · accession 0001641172-25-007867 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-12-31 · accession 0001493152-26-020406 (CashAndCashEquivalentsAtCarryingValue)