MeritValue

Uni-Fuels Holdings Ltd

UFGdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Uni-Fuels Holdings Ltd earns about 10% on invested capital, with a roughly flat share count. 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 2022FY 2023FY 2024FY 2025
Revenue$30.8M1$70.8M2$155.2M2$263.9M2
Net income$1.98M3$1.21M4$171,5974−$1.75M4
Operating cash flow$3.03M5−$965,7946$331,8436−$2.33M6
Capital expenditure—$427,3317$9,0207$36,1597
Free cash flow (derived)—−$1.39M6$322,8236−$2.37M6
Total debt—$1.2M8$1.51M9$7.22M9
Cash & equivalents$3.3M10$2.56M11$4.32M12$12.5M12
Diluted shares—4.0M4.0M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 4y
FY22 —FY23 41%FY24 13%FY25 -22%

It earned an average 10% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has risen 504% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
no diluted share count
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 2022-12-31 · accession 0001641172-25-005704 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001493152-26-018455 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001641172-25-005704 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-018455 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-005704 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-018455 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001493152-26-018455 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001641172-25-005704 (ShortTermBorrowings)
  9. 20-F · period ending 2024-12-31 · accession 0001493152-26-018455 (ShortTermBorrowings)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-26-018455 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2023-12-31 · accession 0001641172-25-005704 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-12-31 · accession 0001493152-26-018455 (CashAndCashEquivalentsAtCarryingValue)