Gross margin
30%low FY2025
← All companies ← AG Manual AGI → ← 2503 Brewers, Distillers & Wineries BF-B →
AGCC, Agencia Comercial Spirits Ltd
Brewers, Distillers & Wineries capital-intensive
We specialize in the procurement, distribution and sale of high-quality whiskies, including both bottled and cask whisky in both Taiwan and international markets.
Currently, we focus on three main business areas: bottled whisky sales, raw cask whisky sales, and proprietary brand whisky packaging and distribution business via brand authorization for bottling and packaging in Asia-Pacific.
We engage in sales activities, in collaboration with our downstream distributors, to supply these products to bars, nightclubs, and VIP lounges.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$6M
+144.6% YoY
Vital signs · TTM, with 3-yr average
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 41% and operating margin about 34% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 45% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, 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 →Revenue spreads across 6 regions, the largest Hong Kong at 49%.
Revenue by geography, FY2025
- Hong Kong49%$3M
- Taiwan32%$2M
- Japan13%$814K
- Canada3%$184K
- China3%$168K
- Hong Kong SAR China1%$33K
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 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $887K | $3M | $6M | $6M | RevenueRevenue |
| 41% | 50% | 30% | 30% | Gross marginGross mgn |
| $299K | $1M | $784K | $784K | Operating incomeOp. inc. |
| 33.7% | 40.0% | 12.6% | 12.6% | Operating marginOp. mgn |
| $239K | $779K | $609K | $609K | Net incomeNet inc. |
| 20% | 23% | 23% | 23% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($275K) | ($237K) | ($7M) | ($7M) | Operating cash flowOp. cash |
| ($514K) | ($1M) | ($8M) | ($8M) | Working capital & otherWC & other |
| 20% | 41% | — | — | ROICROIC |
| 20% | 41% | 6% | 6% | Return on equityROE |
| 20% | 41% | 6% | 6% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $55K | $16M | $16M | Cash & investmentsCash+inv |
| — | $718K | $4M | $4M | ReceivablesReceiv. |
| — | $3M | $3M | $3M | InventoryInvent. |
| — | $334K | $116K | $116K | Accounts payablePayables |
| — | $3M | $7M | $7M | Operating working capitalOper. WC |
| — | $4M | $28M | $28M | Current assetsCur. assets |
| — | $2M | $18M | $18M | Current liabilitiesCur. liab. |
| — | 1.9× | 1.5× | 1.5× | Current ratioCurr. ratio |
| — | $4M | $28M | $28M | Total assetsAssets |
| — | $47K | $21K | $21K | Total debtDebt |
| — | ($7K) | ($16M) | ($16M) | Net debt / (cash)Net debt |
| 120.7× | 582.8× | 363.5× | 363.5× | Interest coverageInt. cov. |
| $1M | $2M | $10M | $10M | Shareholders’ equityEquity |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 363.5×ComfortableOperating income $784K ÷ interest expense $2K
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $16M − debt $21K
What this means
Cash and short-term investments exceed every dollar of debt by $16M, 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.
- Long (60+ days)DSO 235 + DIO 236 − DPO 10 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.
Is it a good business?
- Not meaningful hereInvested capital ($6M) = debt $21K + equity $10M − cashIndustry peers: median 7%
What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
- Not enough dataIndustry peers: median 4%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? -12.30×Thinly cash-backedCash from ops ($7M) ÷ net income $609K
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
Graham’s defensive tests · 1 of 3 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 · $6M
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× · 1.53×
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.
- Conservative debt PassDebt ≤ working capital · $21K vs $10M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- 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. . 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?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“It is also important to note that we do not have business disruption insurance, and any such event impacting our whisky operations or our AI infrastructure could lead to significant costs and divert our resources.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
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, Dec 31, 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$28M
- Cash & short-term investments$16M
- Receivables$4M
- Inventory$3M
- Other current assets$5M
Current liabilities$18M
- Debt due within a year$18K
- Accounts payable$116K
- Other current liabilities$18M
Current ratio1.53×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.38×stricter: inventory excluded
Cash ratio0.87×strictest: cash alone against what's due
Working capital$10Mthe cushion left after near-term bills
Debt due this year vs. cash$18K due · $16M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway2.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$10Mequity stripped of goodwill & intangibles
Net current asset value$10MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$80K$59K of it operating leases
Deferred revenue$68Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Brewers, Distillers & Wineries
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 |
|---|---|---|---|---|---|
| ANDEAndersons | $11.0B | 6% | 1.0% | 4% | 1% |
| SEBSeaboard Corporation | $9.7B | 8% | 3.5% | 4% | 2% |
| CAPLCrossAmerica Partners LP Common | $3.7B | 8% | 1.8% | — | 2% |
| CENTCentral Garden & Pet | $3.1B | 30% | 7.4% | 10% | 7% |
| ASHAshland | $1.8B | 30% | 3.0% | 2% | 4% |
| MGPIMGP Ingredients Inc. | $536M | 28% | 13.3% | 14% | 8% |
| WEYSWeyco Group Inc. | $276M | 41% | 9.6% | 11% | 11% |
| AGCCAgencia Comercial Spirits Ltd | $6M | 41% | 33.7% | — | — |
| Group median | — | 29% | 5.5% | — | — |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Agencia Comercial Spirits Ltd reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
A reverse-DCF needs positive owner earnings, or at least revenue, to anchor to, there's no clean base here. Judge this one on assets or normalized earnings, not a growth model.
Cite: Owner Scorecard, "Agencia Comercial Spirits Ltd (AGCC), the owner's record," https://ownerscorecard.com/c/AGCC, data as of 2026-07-09.
Manual order: ← AG its page in the Manual AGI →
Industry order: ← 2503 the Brewers, Distillers & Wineries chapter BF-B →