MeritValue

Winning Catering Group, Inc.

WNHKdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

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 $0.71 a share.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 2024FY 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−$10.1M10—$13.8M12—
Total debt—————
Cash & equivalents$7.46M16$2.53M17$1.88M18$2.87M19$5,91219
Diluted shares704.0M704.0M704.0M704.0M704.0M

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
$0
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 6%FY22 -4%FY23 18%FY24 20%FY25 —

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 →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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

The 3 estimate methods that apply put fair value between $0 and $0.71 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$8.34M
DCF · Growth Exit 5Y
$0.39
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$8.34M
Earnings Power Value
$0
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$235,858
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.39
The three cases
Bear0.0%$0.17
Base20.0%$0.39
Bull20.0%$0.39

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009286 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012376 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000792 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-008729 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009286 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012376 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000792 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-008729 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009286 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012376 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000792 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-008729 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009286 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012376 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-008729 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001654954-22-003116 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-012376 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-000792 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-008729 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)