WANG & LEE GROUP, Inc. earns about -105% on invested capital, but has diluted owners by 27% over 4 years — worth asking whether the growth reaches owners. 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 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | $4.14M1 | $4.17M2 | $6.83M2 | $3.95M2 |
| Net income | −$354,7433 | −$596,8814 | −$648,8544 | −$2.54M4 |
| Operating cash flow | −$482,8015 | −$352,7646 | −$3.81M6 | −$1.57M6 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | $258,5397 | $455,1038 | $1.15M9 | $1.89M9 |
| Cash & equivalents | $537,73810 | $609,61611 | $5.21M12 | $4.3M12 |
| Diluted shares | 12.0M | 12.0M | 14.3M | 15.2M |
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 $2.3 of net worth that earned you −$1.68 last year, against $1.25 of debt.
It earned an average -105% on invested capital over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 27% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 631% 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.
Different models answer different questions — which to trust when →
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