MeritValue

TRIO-TECH INTERNATIONAL

TRTdata completeness 100%15 fiscal years on file
The thesis, from the filings

TRIO-TECH INTERNATIONAL earns about 4% on invested capital, below its ~9% cost of capital, but has diluted owners by 12% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.49 and $32.06 a share.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$32.5M1$44.1M2$43.3M3$42.3M4$36.5M4
Net income−$591,0005$2.4M6$1.54M7$1.05M8−$41,0008
Operating cash flow$1.64M9$2.12M10$8.11M11$2.72M12$371,00012
Capital expenditure$1.11M13$1.47M14$4.5M15$542,00016$967,00016
Free cash flow (derived)$526,0009$655,00010$3.61M11$2.18M12−$596,00012
Total debt$2.06M17$1.74M18$1.35M19$874,00020$684,00020
Cash & equivalents$5.84M21$7.7M22$7.58M23$10M24$10.9M24
Diluted shares3.9M4.2M4.2M4.3M4.4M

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
$77.97
your share of equity
Profit it earned you last year
−$0.09
Free cash flow it threw off
−$1.37
Debt you’d be carrying
$1.57

10 shares is a claim on $77.97 of net worth that earned you −$0.09 and generated −$1.37 of cash last year, against $1.57 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 -3%FY22 11%FY23 8%FY24 5%FY25 0%

It earned about 4% 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 →
Management signal · capital allocation
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 67% — 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

The 3 estimate methods that apply put fair value between $2.49 and $32.06 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$32.06
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$2.18M
DCF · Growth Exit 5Y
$18.59
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$2.18M
Earnings Power Value
$2.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.05M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $18.59
The three cases
Bear0.0%$9.46
Base20.0%$18.59
Bull20.0%$18.59

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (LongTermDebt)
  18. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (LongTermDebt)
  19. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (LongTermDebt)
  20. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (LongTermDebt)
  21. 10-K · period ending 2021-06-30 · accession 0001851734-22-000567 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-06-30 · accession 0001437749-23-026863 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-06-30 · accession 0001437749-24-029817 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-06-30 · accession 0001437749-25-029455 (CashAndCashEquivalentsAtCarryingValue)