MeritValue

WANG & LEE GROUP, Inc.

WLGSFdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

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.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 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 shares12.0M12.0M14.3M15.2M

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
$2.3
your share of equity
Profit it earned you last year
−$1.68
Free cash flow it threw off
—
Debt you’d be carrying
$1.25

10 shares is a claim on $2.3 of net worth that earned you −$1.68 last year, against $1.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-105% avg · 4y
FY21 —FY22 —FY23 -24%FY24 -186%

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 →
Management signal · capital allocation
+27% shares · 4y

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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001493152-24-019005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-010670 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2021-12-31 · accession 0001493152-24-019005 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001641172-25-010670 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-24-019005 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001641172-25-010670 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-23-017465 (ShortTermBorrowings)
  8. 20-F · period ending 2022-12-31 · accession 0001493152-24-019005 (ShortTermBorrowings)
  9. 20-F · period ending 2023-12-31 · accession 0001641172-25-010670 (ShortTermBorrowings)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-23-017465 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001493152-24-019005 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001641172-25-010670 (CashAndCashEquivalentsAtCarryingValue)