ZJK Industrial Co., Ltd. earns about 36% on invested capital, but has diluted owners by 4% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.2 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 | $24.8M1 | $29.1M2 | $37.8M2 | $56.1M2 |
| Net income | $7.28M3 | $7.69M4 | $3.66M4 | $10.2M4 |
| Operating cash flow | $814,6305 | $4.12M6 | $5.34M6 | $6.56M6 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | — | $512,7257,8 | $3.13M9,10 | $3.8M9 |
| Cash & equivalents | $1.52M11 | $2.83M12 | $12.3M13 | $14.4M13 |
| Diluted shares | 60.0M | 60.0M | 60.3M | 62.6M |
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 $6.94 of net worth that earned you $1.62 last year, against $0.61 of debt.
It earned an average 36% on invested capital over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 4% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 642% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
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$7.48M
- Growth assumed0.0%
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- 20-F filed 2025-04-28 · period ending 2023-12-31 · accession 0001731122-25-000613 (CashAndCashEquivalentsAtCarryingValue)
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