Wah Fu Education & Technology 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.
| 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) | $1.04M6,9 | $1.58M7,10 | −$862,3308,11 | −$976,4688,11 | −$1.44M8,11 |
| 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). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $34.33 of net worth that earned you −$3.78 and generated −$4.94 of cash last year.
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 →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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F filed 2024-07-30 · periods ending 2022-03-31, 2023-03-31, 2024-03-31 · accession 0001013762-24-002645 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F filed 2026-07-30 · periods ending 2025-03-31, 2026-03-31 · accession 0001213900-26-083286 (Revenues)
- 20-F filed 2024-07-30 · period ending 2022-03-31 · accession 0001013762-24-002645 (NetIncomeLoss)
- 20-F filed 2025-07-31 · period ending 2023-03-31 · accession 0001213900-25-069961 (NetIncomeLoss)
- 20-F filed 2026-07-30 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-083286 (NetIncomeLoss)
- 20-F filed 2024-07-30 · period ending 2022-03-31 · accession 0001013762-24-002645 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-07-31 · period ending 2023-03-31 · accession 0001213900-25-069961 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-07-30 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-083286 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2024-07-30 · period ending 2022-03-31 · accession 0001013762-24-002645 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-07-31 · period ending 2023-03-31 · accession 0001213900-25-069961 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2026-07-30 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-083286 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2023-07-31 · periods ending 2022-03-31, 2023-03-31 · accession 0001213900-23-061297 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2026-07-30 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001213900-26-083286 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)