MeritValue

Linkage Global Inc

UZXdata completeness 100%5 fiscal years on file
The thesis, from the filings

Linkage Global Inc earns about 2% on invested capital, and has bought back 71% of its shares over 5 years. 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$15.5M1$22M2$12.7M3$10.3M3$5.1M3
Net income$751,6664$1.07M5−$652,7286−$439,3366−$7.37M6
Operating cash flow$1.22M7$1.17M8−$3.88M9−$1.64M9−$4.68M9
Capital expenditure$3.07M10$481,39110$12,13711—$171,11011
Free cash flow (derived)−$1.85M7$687,5378−$3.9M9—−$4.86M9
Total debt—$3.34M12$5.06M13$2.57M14$1.64M14
Cash & equivalents$1.78M15$3.69M16$1.11M17$2M18$734,71118
Diluted shares20.0M20.0M2.0M2.1M5.8M

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
$28.2
your share of equity
Profit it earned you last year
−$12.72
Free cash flow it threw off
−$8.38
Debt you’d be carrying
$2.83

10 shares is a claim on $28.2 of net worth that earned you −$12.72 and generated −$8.38 of cash last year, against $2.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 —FY22 45%FY23 -8%FY24 1%FY25 -32%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 51% — 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
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
normalized (5y-median) earnings non-positive — EPV undefined
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 2021-09-30 · accession 0001213900-24-032553 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-09-30 · accession 0001213900-25-006673 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-26-010261 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-09-30 · accession 0001213900-24-032553 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001213900-25-006673 (NetIncomeLoss)
  6. 20-F · period ending 2023-09-30 · accession 0001213900-26-010261 (NetIncomeLoss)
  7. 20-F · period ending 2021-09-30 · accession 0001213900-24-032553 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-09-30 · accession 0001213900-25-006673 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-09-30 · accession 0001213900-26-010261 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-09-30 · accession 0001213900-24-032553 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-09-30 · accession 0001213900-26-010261 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-09-30 · accession 0001213900-24-032553 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2023-09-30 · accession 0001213900-25-006673 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2024-09-30 · accession 0001213900-26-010261 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2021-09-30 · accession 0001213900-25-006673 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2022-09-30 · accession 0001213900-24-032553 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-09-30 · accession 0001213900-25-006673 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-09-30 · accession 0001213900-26-010261 (CashAndCashEquivalentsAtCarryingValue)