Wah Fu Education Group Ltd

WAFUdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Wah Fu Education Group Ltd earns about -80% on invested capital, and has bought back 34% 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Revenue	$11.5M¹	$10.7M¹	$7.22M¹	$6.19M²	$6.35M²
Net income	$743,135³	$905,892⁴	−$55,288⁵	−$465,299⁵	−$1.11M⁵
Operating cash flow	$1.08M⁶	$1.61M⁷	−$767,310⁸	−$965,592⁸	−$1.39M⁸
Capital expenditure	$34,996⁹	$37,237¹⁰	$95,020¹¹	$10,876¹¹	$50,794¹¹
Free cash flow (derived)	$1.04M⁶	$1.58M⁷	−$862,330⁸	−$976,468⁸	−$1.44M⁸
Total debt	—	—	—	—	—
Cash & equivalents	$11.8M¹²	$12.6M¹²	$11M¹³	$10.1M¹³	$9.02M¹³
Diluted shares	4.4M	4.4M	4.4M	4.1M	2.9M

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

Net assets behind them

$34.33

your share of equity

Profit it earned you last year

−$3.78

Free cash flow it threw off

−$4.94

Debt you’d be carrying

—

10 shares is a claim on $34.33 of net worth that earned you −$3.78 and generated −$4.94 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-80% avg · 5y

FY22 —FY23 —FY24 -150%FY25 -31%FY26 -60%

It earned an average -80% 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

−34% shares · 5y

Share count is down 34% 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 v0.5.0

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

20-F · period ending 2022-03-31 · accession 0001013762-24-002645 (RevenueFromContractWithCustomerIncludingAssessedTax)
20-F · period ending 2025-03-31 · accession 0001213900-26-083286 (Revenues)
20-F · period ending 2022-03-31 · accession 0001013762-24-002645 (NetIncomeLoss)
20-F · period ending 2023-03-31 · accession 0001213900-25-069961 (NetIncomeLoss)
20-F · period ending 2024-03-31 · accession 0001213900-26-083286 (NetIncomeLoss)
20-F · period ending 2022-03-31 · accession 0001013762-24-002645 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2023-03-31 · accession 0001213900-25-069961 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2024-03-31 · accession 0001213900-26-083286 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-03-31 · accession 0001013762-24-002645 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2023-03-31 · accession 0001213900-25-069961 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2024-03-31 · accession 0001213900-26-083286 (PaymentsToAcquirePropertyPlantAndEquipment)
20-F · period ending 2022-03-31 · accession 0001213900-23-061297 (CashAndCashEquivalentsAtCarryingValue)
20-F · period ending 2024-03-31 · accession 0001213900-26-083286 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)