MeritValue

YSX Tech Co., Ltd

YSXTdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

YSX Tech Co., Ltd earns about 26% on invested capital, but has diluted owners by 17% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.73 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 2023FY 2024FY 2025FY 2026
Revenue$49.2M1$58.5M2$71.5M2$83.5M2
Net income$4.9M3$4.57M4$4.02M4$2.8M4
Operating cash flow$1.03M5−$693,9596−$6.49M6−$2.69M6
Capital expenditure—$1,3807$167,9327$88,7167
Free cash flow (derived)—−$695,3396−$6.66M6−$2.77M6
Total debt————
Cash & equivalents$3.39M8$4.28M8$7.11M8$5.89M8
Diluted shares22.0M22.0M22.4M25.8M

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
$13.06
your share of equity
Profit it earned you last year
$1.09
Free cash flow it threw off
−$1.08
Debt you’d be carrying
—

10 shares is a claim on $13.06 of net worth that earned you $1.09 and generated −$1.08 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
26% avg · 4y
FY23 43%FY24 32%FY25 20%FY26 10%

It earned an average 26% 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
+17% shares · 4y

Share count is up 17% over 4 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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.73
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.29M
  • growthAssumed0.0%
Graham Number
$1.8
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001410578-25-001545 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001104659-26-082653 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001410578-25-001545 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001104659-26-082653 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001410578-25-001545 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001104659-26-082653 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-03-31 · accession 0001104659-26-082653 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-03-31 · accession 0001104659-26-082653 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)