Waton Financial Ltd
WTFdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Waton Financial Ltd earns about -71% on invested capital, below its ~9% cost of capital, but has diluted owners by 20% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $0.33 and $0.62 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $5.74M1 | $10.1M1 | $7.45M1 |
| Net income | $3.08M2 | $2.5M2 | −$12M2 |
| Operating cash flow | $12M3 | −$1.85M3 | $359,9653 |
| Capital expenditure | $4,9784 | $262,0914 | $13,7444 |
| Free cash flow (derived) | $12M3 | −$2.11M3 | $346,2213 |
| Total debt | — | — | — |
| Cash & equivalents | $19.1M5 | $4.95M5 | $7.72M5 |
| Diluted shares | 34.7M | 62.8M | 41.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3.05 of net worth that earned you −$2.86 and generated $0.08 of cash last year.
It earned about -71% 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 20% over 3 years — owners have been diluted. Worth asking what they got for it.
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 $0.33 and $0.62 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$346,221
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$346,221
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$2.5M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.3 |
| Base | 5.0% | $0.33 |
| Bull | 10.0% | $0.37 |
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 2023-03-31 · accession 0001140361-25-027147 (Revenues)
- 20-F · period ending 2023-03-31 · accession 0001140361-25-027147 (NetIncomeLoss)
- 20-F · period ending 2023-03-31 · accession 0001140361-25-027147 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001140361-25-027147 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-03-31 · accession 0001140361-25-027147 (CashAndCashEquivalentsAtCarryingValue)