Winning Catering Group, Inc. earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $0 and $0.66 a share. 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 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $13.9M1 | $665,2912 | $18.2M3 | $16.8M4 | $21,2904 |
| Net income | $235,8585 | −$2.51M6 | $6.21M7 | $6.69M8 | −$974,1308 |
| Operating cash flow | $8.35M9 | −$10.1M10 | $12.6M11 | $13.8M12 | −$1.21M12 |
| Capital expenditure | $3,97313 | $3,08314 | — | $1,65015 | — |
| Free cash flow (derived) | $8.34M9,13 | −$10.1M10,14 | — | $13.8M12,15 | — |
| Total debt | $68,50216 | — | — | — | — |
| Cash & equivalents | $7.46M17 | $2.53M18 | $1.88M19 | $2.87M20 | $5,91220 |
| Diluted shares | 704.0M | 704.0M | 704.0M | 704.0M | 704.0M |
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 $0 of net worth that earned you −$0.01 last year.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0 and $0.66 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth20.0%
- Starting free cash flow$8.34M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth20.0%
- Starting free cash flow$8.34M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$235,858
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.16 |
| Base | 20.0% | $0.37 |
| Bull | 20.0% | $0.37 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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MeritValue on the App Store →- 10-K filed 2023-03-28 · period ending 2021-12-31 · accession 0001493152-23-009286 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012376 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-03-26 · period ending 2023-12-31 · accession 0001641172-25-000792 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A filed 2026-03-03 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-008729 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2023-03-28 · period ending 2021-12-31 · accession 0001493152-23-009286 (NetIncomeLoss)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012376 (NetIncomeLoss)
- 10-K filed 2025-03-26 · period ending 2023-12-31 · accession 0001641172-25-000792 (NetIncomeLoss)
- 10-K/A filed 2026-03-03 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-008729 (NetIncomeLoss)
- 10-K filed 2023-03-28 · period ending 2021-12-31 · accession 0001493152-23-009286 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012376 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-26 · period ending 2023-12-31 · accession 0001641172-25-000792 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2026-03-03 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-008729 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-03-28 · period ending 2021-12-31 · accession 0001493152-23-009286 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012376 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A filed 2026-03-03 · period ending 2024-12-31 · accession 0001493152-26-008729 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-03-28 · period ending 2021-12-31 · accession 0001493152-23-009286 (NotesPayable)
- 10-K filed 2022-03-15 · period ending 2021-12-31 · accession 0001654954-22-003116 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-04-01 · period ending 2022-12-31 · accession 0001493152-24-012376 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2025-03-26 · period ending 2023-12-31 · accession 0001641172-25-000792 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K/A filed 2026-03-03 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-008729 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)