Share count
13Mpeak FY2023
← All companies ← ACB Manual ACIU → Professional Services ANPA →
ACCL, Acco Group Holdings Limited
Professional Services diversified
Under the " Accolade " brand, our Operating Subsidiaries specialize in offering corporate secretarial services and accounting services in Hong Kong, as well as intellectual properties registration services in Singapore.
Through our Operating Subsidiaries, we are a multi-disciplinary, IT-driven corporate service provider with a strong presence in Hong Kong and Singapore.
Leveraging advanced IT solutions, our Operating Subsidiaries provide comprehensive, reliable and professional support to our clients, enabling them to focus on their core business activities while our Operating Subsidiaries manage and handle their corporate compliance needs.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$5M
+12.5% YoY
Vital signs · TTM, with 3-yr average
Revenue $5M 3-yr avg $4M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 52% and operating margin about 22% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Hong Kong SAR China is 81% of revenue, so this is largely a single-region business.
Revenue by geography, FY2025
- Hong Kong SAR China81%$4M
- Singapore20%$947K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $4M | $4M | $5M | $5M | RevenueRevenue |
| 52% | 53% | 49% | 49% | Gross marginGross mgn |
| $482K | $1M | $1M | $1M | Operating incomeOp. inc. |
| 13.2% | 24.5% | 22.3% | 22.3% | Operating marginOp. mgn |
| $642K | $993K | $2M | $2M | Net incomeNet inc. |
| 7% | 11% | 6% | 6% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $742K | $1M | $2M | $2M | Operating cash flowOp. cash |
| — | $9K | $10K | $10K | DepreciationDeprec. |
| $100K | $122K | ($472K) | ($472K) | Working capital & otherWC & other |
| $8K | $1K | $23K | $23K | CapexCapex |
| 0.2% | 0.0% | 0.5% | 0.5% | Capex / revenueCapex/rev |
| $734K | $1M | $2M | $2M | Owner earningsOwner earn. |
| 20.0% | 26.1% | 31.5% | 31.5% | Owner earnings marginOE mgn |
| $734K | $1M | $2M | $2M | Free cash flowFCF |
| 20.0% | 26.1% | 31.2% | 31.2% | Free cash flow marginFCF mgn |
| $52K | — | — | $52K | Dividends paidDiv. paid |
| 30% | 86% | 91% | 91% | Return on equityROE |
| 28% | — | — | 89% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $1M | $2M | $2M | Cash & investmentsCash+inv |
| — | $245K | $294K | $294K | ReceivablesReceiv. |
| — | $19K | $38K | $38K | Accounts payablePayables |
| — | $226K | $256K | $256K | Operating working capitalOper. WC |
| — | $3M | $3M | $3M | Current assetsCur. assets |
| — | $2M | $2M | $2M | Current liabilitiesCur. liab. |
| — | 1.7× | 1.8× | 1.8× | Current ratioCurr. ratio |
| — | $3M | $4M | $4M | Total assetsAssets |
| — | ($1M) | ($2M) | ($2M) | Net debt / (cash)Net debt |
| $2M | $1M | $2M | $2M | Shareholders’ equityEquity |
| Per share | ||||
| 12.5M | 12.5M | 12.5M | 12.5M | Shares out (diluted)Shares |
| $0.29 | $0.34 | $0.39 | $0.39 | Revenue / shareRev/sh |
| $0.05 | $0.08 | $0.16 | $0.16 | EPS (diluted)EPS |
| $0.06 | $0.09 | $0.12 | $0.12 | Owner earnings / shareOE/sh |
| $0.06 | $0.09 | $0.12 | $0.12 | Free cash flow / shareFCF/sh |
| $0.00 | — | — | $0.00 | Dividends / shareDiv/sh |
| $0.00 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $0.17 | $0.09 | $0.17 | $0.17 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
49%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$2Mowner earningsvs.$2Mnet incomelow FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $2M of owner earnings, the operating cash left after the $10K it takes just to hold its position. It put $13K more into growth; free cash flow, after that spending, was $2M.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $2M | $993K | $642K |
| Depreciation & amortizationnon-cash charge added back | +$10K | +$9K | — |
| Working capital & othertiming of cash in and out, other non-cash items | −$472K | +$122K | +$100K |
| Cash from operations | $2M | $1M | $742K |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$10K | −$1K | −$8K |
| Owner earnings | $2M | $1M | $734K |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$13K | — | — |
| Free cash flow | $2M | $1M | $734K |
| Owner-earnings marginowner earnings ÷ revenue | 31% | 26% | 20% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $10K, roughly its depreciation, the rate its assets wear out). The other $13K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“In connection with the audits of our consolidated financial statements for the years ended June 30, 2025, 2024 and 2023, we identified material weaknesses in our internal control over financial reporting as well as other disclosure control deficiencies for…”
Restated past financials
“As a result, we have restated our previously issued consolidated financial statements of June 30, 2024 and 2023.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $2M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $2M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 22 + DIO 0 − DPO 6 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median 8%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle3-yr median margin, range 20%–31%; latest $2M = operating cash $2M − maintenance capex $10KIndustry peers: median 4%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 31% of revenue this year, a 26% median across 3 years.
- Mostly cash-backedCash from ops $2M ÷ net income $2M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $52K ÷ Owner Earnings $2M
What this means
Of $2M Owner Earnings, $52K (3%) went back to shareholders, $52K dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 2.25×ExpandingCapex $23K ÷ depreciation $10K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $5M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.82×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.10/share (latest year $0.16), the averaged base the calculator's gate runs on, and book value is $0.17/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$3M
- Cash & short-term investments$2M
- Receivables$294K
- Other current assets$130K
Current liabilities$2M
- Accounts payable$38K
- Other current liabilities$2M
Current ratio1.82×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.82×stricter: inventory excluded
Cash ratio1.56×strictest: cash alone against what's due
Working capital$1Mthe cushion left after near-term bills
Deeper floors
Tangible book value$2Mequity stripped of goodwill & intangibles
Net current asset value$1MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$126K$126K of it operating leases
Deferred revenue$561Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Professional Services
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ICFIICF International | $1.9B | 36% | 6.9% | 8% | 7% |
| ONTOnterris Inc. | $831M | 35% | -4.8% | -5% | 3% |
| WLDNWilldan Group Inc. | $682M | 35% | 4.9% | 8% | 4% |
| EXPOExponent | $582M | — | 20.8% | 44% | 22% |
| NRCNRC Health | $137M | — | 29.3% | 47% | 21% |
| OABIOmniAb Inc. | $19M | — | -203.2% | -18% | -35% |
| ACCLAcco Group Holdings Limited | $5M | 52% | 22.3% | — | 26% |
| ONMDOneMedNet Corp | $1M | -34% | -691.3% | — | -513% |
| Group median | — | 35% | 5.9% | — | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Acco Group Holdings Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Acco Group Holdings Limited has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+44%/yr
Owner-earnings growth · since FY2023+44%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $2M on 13M shares outstanding, per the 20-F cover, as of 2025-06-30; net cash $2M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($23K) runs well above depreciation ($10K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $2M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Acco Group Holdings Limited (ACCL), the owner's record," https://ownerscorecard.com/c/ACCL, data as of 2026-07-09.
Manual order: ← ACB its page in the Manual ACIU →
Industry order: the Professional Services chapter ANPA →