MeritValue

VS MEDIA Holdings Ltd

VSMEdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

VS MEDIA Holdings Ltd earns about -423% on invested capital, and has bought back 92% 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$10.9M1$9.03M2$7.99M3$8.25M3$7.52M3
Net income−$232,6244$3.53M5−$6.59M6−$7.29M6−$8.61M6
Operating cash flow−$1.37M7−$2.05M8−$7.25M9−$1.49M9−$3.51M9
Capital expenditure$40,58610—$2,81011$4,88811$16,03711
Free cash flow (derived)−$1.41M7—−$7.25M9−$1.49M9−$3.53M9
Total debt—————
Cash & equivalents—$820,57012$1.5M13$775,24613$976,08813
Diluted shares20.0M2.9M142,858158,2831.7M

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
$24.98
your share of equity
Profit it earned you last year
−$52
Free cash flow it threw off
−$21.32
Debt you’d be carrying
—

10 shares is a claim on $24.98 of net worth that earned you −$52 and generated −$21.32 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-423% avg · 5y
FY21 —FY22 -158%FY23 -185%FY24 -1133%FY25 -214%

It earned an average -423% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001493152-24-017296 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-003955 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-019820 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-017296 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-003955 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-019820 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-017296 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-003955 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-019820 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-017296 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001493152-26-019820 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0001493152-24-017296 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-12-31 · accession 0001493152-26-019820 (CashAndCashEquivalentsAtCarryingValue)