Share count
855Mpeak FY2025
← All companies ← AGRO Manual AHMA → ← ADV Commercial Services & Supplies AKAM →
AHG, Akso Health Group ADS
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$15M
+512.1% YoY · 16% 5-yr CAGR
Vital signs · TTM
Cash & investments $11M
Gross margin 45%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Operating margin has reached 71% at its best but run negative through the cycle (median −195%) on a 15% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −52%, above 15% in 2 of 8 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $23M | $107M | $4M | $7M | $2M | $6M | $13M | $2M | $15M | $15M | RevenueRevenue |
| 78% | — | — | — | 69% | 15% | 10% | 5% | −2% | 45% | Gross marginGross mgn |
| $10M | $76M | ($7M) | ($48M) | ($4M) | ($3M) | ($14M) | ($9M) | ($166M) | ($167M) | Operating incomeOp. inc. |
| 43.3% | 70.7% | −194.6% | −695.7% | −241.7% | −51.7% | −108.2% | −357.8% | n/m | n/m | Operating marginOp. mgn |
| $9M | $66M | $6M | ($71M) | ($35M) | ($17M) | ($1M) | ($10M) | ($135M) | ($136M) | Net incomeNet inc. |
| 15% | 14% | 13% | — | — | — | — | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| $8M | $88M | ($2M) | ($58M) | $10M | ($9M) | ($3M) | $1M | $1M | $7M | Operating cash flowOp. cash |
| $92K | $174K | $17K | $121K | $15K | $18K | — | — | $2M | $28K | DepreciationDeprec. |
| ($473K) | $22M | ($7M) | $13M | $45M | $8M | ($2M) | $11M | $134M | $143M | Working capital & otherWC & other |
| $288K | $456K | $8K | $200K | — | $5K | — | — | $154K | $26K | CapexCapex |
| 1.3% | 0.4% | 0.2% | 2.9% | — | 0.1% | — | — | 1.0% | 0.2% | Capex / revenueCapex/rev |
| $8M | $87M | ($2M) | ($58M) | — | ($9M) | — | — | $1M | $7M | Owner earningsOwner earn. |
| 34.5% | 81.4% | −47.1% | −845.7% | — | −136.8% | — | — | 6.9% | 48.9% | Owner earnings marginOE mgn |
| $8M | $87M | ($2M) | ($58M) | — | ($9M) | — | — | $1M | $7M | Free cash flowFCF |
| 34.5% | 81.4% | −47.1% | −845.7% | — | −136.8% | — | — | 6.9% | 48.9% | Free cash flow marginFCF mgn |
| 197% | 875% | -9% | -92% | -156% | — | -1407% | -13% | -574% | -71% | ROICROIC |
| 36% | 47% | 4% | -148% | -202% | -137% | -14% | -7% | -68% | -69% | Return on equityROE |
| Balance sheet | ||||||||||
| $19M | $133M | $57M | $7M | $15M | $18M | $8M | $85M | $176M | $11M | Cash & investmentsCash+inv |
| — | $0 | $141K | — | — | — | $8M | $408K | $954K | $3M | ReceivablesReceiv. |
| — | — | — | — | — | $8M | $2M | $191K | $190K | $194K | InventoryInvent. |
| — | $0 | $141K | — | — | $8M | $9M | $340K | $1M | $3M | Operating working capitalOper. WC |
| — | $163M | $98M | $52M | $30M | $63M | $20M | $142M | $196M | $18M | Current assetsCur. assets |
| — | $24M | $27M | $12M | $14M | $51M | $12M | $4M | $14M | $12M | Current liabilitiesCur. liab. |
| — | 6.8× | 3.7× | 4.2× | 2.1× | 1.2× | 1.8× | 39.5× | 14.2× | 1.5× | Current ratioCurr. ratio |
| — | — | — | — | — | — | — | $52M | $11M | $11M | GoodwillGoodwill |
| $28M | $164M | $173M | $80M | $32M | $63M | $20M | $142M | $215M | $212M | Total assetsAssets |
| ($19M) | ($133M) | ($57M) | ($7M) | ($15M) | ($18M) | ($8M) | ($85M) | ($176M) | ($11M) | Net debt / (cash)Net debt |
| — | — | — | — | -2.0× | -4.1× | — | — | — | -207.9× | Interest coverageInt. cov. |
| $24M | $140M | $127M | $48M | $17M | $12M | $9M | $138M | $199M | $198M | Shareholders’ equityEquity |
| Per share | ||||||||||
| 42.3M | 47.7M | 52.9M | 48.8M | 48.8M | 59.6M | 68.6M | 142M | 855M | 1.66B | Shares out (diluted)Shares |
| $0.54 | $2.25 | $0.07 | $0.14 | $0.04 | $0.11 | $0.19 | $0.02 | $0.02 | $0.01 | Revenue / shareRev/sh |
| $0.20 | $1.37 | $0.10 | $-1.46 | $-0.71 | $-0.28 | $-0.02 | $-0.07 | $-0.16 | $-0.08 | EPS (diluted)EPS |
| $0.19 | $1.83 | $-0.03 | $-1.20 | — | $-0.14 | — | — | $0.00 | $0.00 | Owner earnings / shareOE/sh |
| $0.19 | $1.83 | $-0.03 | $-1.20 | — | $-0.14 | — | — | $0.00 | $0.00 | Free cash flow / shareFCF/sh |
| $0.01 | $0.01 | $0.00 | $0.00 | — | $0.00 | — | — | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $0.56 | $2.94 | $2.39 | $0.99 | $0.35 | $0.21 | $0.13 | $0.98 | $0.23 | $0.12 | Book value / shareBVPS |
The diluted share count moved ×2.06 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×6.04 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.94 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | −35.0%/yr | −34.4%/yr |
| Owner earnings / share | −46.8%/yr | — |
| Capital spending / share | −36.5%/yr | −46.5%/yr |
| Book value / share | −10.3%/yr | −25.1%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−574%low FY2023
Gross margin
−2%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.
$1Mowner earningsvs.($135M)net incomelow FY2020
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
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 turned a $135M loss into $1M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|
| Reported net income | ($135M) | ($17M) | ($71M) | $6M | $66M |
| Depreciation & amortizationnon-cash charge added back | +$2M | +$18K | +$121K | +$17K | +$174K |
| Working capital & othertiming of cash in and out, other non-cash items | +$134M | +$8M | +$13M | −$7M | +$22M |
| Cash from operations | $1M | ($9M) | ($58M) | ($2M) | $88M |
| Capital expenditurecash put back in to keep running and to grow | −$154K | −$5K | −$200K | −$8K | −$456K |
| Owner earnings | $1M | ($9M) | ($58M) | ($2M) | $87M |
| Owner-earnings marginowner earnings ÷ revenue | 7% | -137% | -846% | -47% | 81% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
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
“Our management has implemented and tested our internal control over financial reporting based on these criteria and identified certain material weaknesses set forth below.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -207.9×Does not cover its interestOperating income ($167M) ÷ interest expense $804K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash $11M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $11M, 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 78 + DIO 9 − DPO 12 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 enough dataIndustry peers: median -2%
What this means
The filing data didn't include the inputs for this check.
- Positive this year, negative across the cyclelatest $7M = operating cash $7M − maintenance capex $26K (positive this year), after an earlier loss stretch (6-yr median -47%)Industry peers: median 8%
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 49% of revenue this year, a -47% median across 6 years.
- Loss, but cash-generativeNet income ($136M) · cash from operations $7M
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
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Returned more than it generatedDividends + buybacks $20M ÷ Owner Earnings $7M
What this means
The company returned more than it generated: against $7M of Owner Earnings, $20M (270%) went back to shareholders, $20M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.93×MaintainingCapex $26K ÷ depreciation $28K
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 5 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 · $15M
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.
- Earnings stability MissA profit every year (10-yr record) · 6 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 1 of 10 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth MissEarnings +33% over the record · −288%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- 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 $-0.03/share (latest year $-0.08), the averaged base the calculator's gate runs on, and book value is $0.12/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.
Durability & moat, 2017–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 9
What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
- Operating margin −27% → −530% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about −27% early to −530% lately, median −195% — competition or costs are biting in.
- Worst year 2025 · −1125.4% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- Dividend record paid
What this means
Paid a dividend in 1 of the years on record.
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 Not named
Despite the structural exposure, the latest 10-K does not name AI as a competitive risk, which is itself worth a question.
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, Sep 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$18M
- Cash & short-term investments$11M
- Receivables$3M
- Inventory$194K
- Other current assets$4M
Current liabilities$12M
- Accounts payable$260K
- Other current liabilities$12M
Current ratio1.53×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.51×stricter: inventory excluded
Cash ratio0.93×strictest: cash alone against what's due
Working capital$6Mthe cushion left after near-term bills
Deeper floors
Tangible book value$180Mequity stripped of goodwill & intangibles
Net current asset value$5MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$42K$42K of it operating leases
Deferred revenue$8Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2016–2025
Over the record, the business generated $35M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$1M · 3%
- Dividends$20M · 55%
- Buybacks$4M · 11%
- Retained (debt / cash)$11M · 30%
- Returned to owners$24M
69% of the owner earnings the business produced over the span, $20M as dividends and $4M as buybacks.
- Average price paid for buybacks—
Buybacks ran $4M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count3834.4%
The diluted count rose from 42M to 1656M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.37/sh
Paid in 1 of the years on record. It was never cut over the span.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Peers, Commercial Services & Supplies
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 |
|---|---|---|---|---|---|
| FLYWFlywire | $623M | — | -6.6% | -9% | 8% |
| IMXIInternational Money Express Inc. | $608M | — | 14.5% | 40% | 6% |
| LQDTLiquidity Services Inc. | $477M | — | 6.4% | 37% | 12% |
| PHRPhreesia Inc. | $468M | — | -17.3% | -36% | -7% |
| SEZLSezzle Inc. | $236M | — | -5.4% | -141% | 14% |
| ASPSAltisource Portfolio Solutions S.A. | $171M | 26% | 2.4% | 5% | -3% |
| CASSCass Information Systems Inc | $108M | — | 35.6% | — | 29% |
| AHGAkso Health Group ADS | $15M | 12% | -194.6% | -52% | -20% |
| Group median | — | — | -1.5% | -9% | 7% |
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. Per the filing's own cover, “American depositary shares, each of which represents three ordinary”; Akso Health Group ADS reports in USD, so every figure in this tool is stated per ADS so your dollar quote reconciles exactly. 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 Akso Health Group ADS 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, delivered—
Owner-earnings growth, delivered—
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—
Owner earnings $7M on 552M shares outstanding, per the 20-F cover, as of 2025-03-31; net cash $11M. 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. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Akso Health Group ADS (AHG), the owner's record," https://ownerscorecard.com/c/AHG, data as of 2026-07-09.
Manual order: ← AGRO its page in the Manual AHMA →
Industry order: ← ADV the Commercial Services & Supplies chapter AKAM →