WORK Medical Technology Group LTD
WOKdata completeness 100%4 fiscal years on fileWORK Medical Technology Group LTD earns about -1% on invested capital, below its ~9% cost of capital, but has diluted owners by 132% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $0.99 and $1.09 a share.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 |
|---|---|---|---|---|
| Revenue | $19.7M1 | $13.6M2 | $11.5M2 | $9.85M2 |
| Net income | $865,2103 | $112,0304 | −$3.49M4 | −$1.07M4 |
| Operating cash flow | −$2.26M5 | $2.21M6 | −$2.23M6 | $6.24M6 |
| Capital expenditure | $2.01M7 | $455,3918 | $9.23M8 | $1.33M8 |
| Free cash flow (derived) | −$4.27M5 | $1.75M6 | −$11.5M6 | $4.91M6 |
| Total debt | — | $8.84M9 | $13.3M10 | $6.39M10 |
| Cash & equivalents | $731,17811 | $1.6M12 | $6.56M12 | $4.09M12 |
| Diluted shares | 12.5M | 12.5M | 12.7M | 29.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $6.33 of net worth that earned you −$0.37 and generated $1.69 of cash last year, against $2.21 of debt.
It earned about -1% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 132% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 28% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.99 and $1.09 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.75M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.75M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.79 |
| Base | 5.0% | $0.99 |
| Bull | 10.0% | $1.25 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 20-F · period ending 2022-09-30 · accession 0001213900-25-014076 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-010301 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-09-30 · accession 0001213900-25-014076 (NetIncomeLoss)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-010301 (NetIncomeLoss)
- 20-F · period ending 2022-09-30 · accession 0001213900-25-014076 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-010301 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-09-30 · accession 0001213900-25-014076 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-010301 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-09-30 · accession 0001213900-25-014076 (ShortTermBorrowings)
- 20-F · period ending 2024-09-30 · accession 0001213900-26-010301 (ShortTermBorrowings)
- 20-F · period ending 2022-09-30 · accession 0001213900-25-014076 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-010301 (CashAndCashEquivalentsAtCarryingValue)