Share count
28Mpeak FY2025
← All companies ← AHG Manual AIFU → ← 9602 Entertainment & Studios AMC →
AHMA, AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C
Entertainment & Studios diversified
Our subsidiaries also extend their expertise to industry forums, creating platforms for market leaders and academics to engage in idea exchange, analyze current market trends, and explore future prospects.
An example includes managing the Faraday FX Super One Middle East Product Launch Conference on October 28, 2025, an event that drew approximately 300 attendees.
Third-party service providers our subsidiaries regularly work with include event venue providers, translation providers, electronic equipment providers, event material producers, and advertising companies.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$20M
+9.1% YoY
Vital signs · TTM, with 3-yr average
Revenue $20M 3-yr avg $19M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is MICE management solution services revenue (85%), Packaged tours services revenue (11%) and Commission revenue for transportation ticketing and accommodation reservation services (4%).
- What moves the needle
- Gross margin has run about 24% and operating margin about 6.4% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 5.6%–7.5% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. 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 run in the teens (median 18%, above 15% in 2 of 3 years). Owner earnings, the cash-based check, have been thin too. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.
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 →MICE management solution services revenue is 85% of revenue, with Packaged tours services revenue the other meaningful line at 11%.
Revenue by product line, FY2025
- MICE management solution services revenue85%$17M
- Packaged tours services revenue11%$2M
- Commission revenue for transportation ticketing and accommodation reservation services4%$767K
- Other revenue0%$100K
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 | ||||
| $19M | $19M | $20M | $20M | RevenueRevenue |
| 19% | 24% | 25% | 25% | Gross marginGross mgn |
| $1M | $1M | $1M | $1M | Operating incomeOp. inc. |
| 7.5% | 5.6% | 6.4% | 6.4% | Operating marginOp. mgn |
| $1M | $951K | $1M | $1M | Net incomeNet inc. |
| — | 9% | 9% | 9% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($76K) | $1M | $497K | $497K | Operating cash flowOp. cash |
| $4K | $42K | $98K | $98K | DepreciationDeprec. |
| ($2M) | $177K | ($824K) | ($824K) | Working capital & otherWC & other |
| $120K | $45K | $2M | $2M | CapexCapex |
| 0.6% | 0.2% | 7.9% | 7.9% | Capex / revenueCapex/rev |
| ($80K) | $1M | $399K | $399K | Owner earningsOwner earn. |
| −0.4% | 6.1% | 2.0% | 2.0% | Owner earnings marginOE mgn |
| ($196K) | $1M | ($1M) | ($1M) | Free cash flowFCF |
| −1.1% | 6.1% | −5.5% | −5.5% | Free cash flow marginFCF mgn |
| 20% | 18% | 12% | 12% | ROICROIC |
| 26% | 15% | 10% | 10% | Return on equityROE |
| 26% | 15% | 10% | 10% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $987K | $3M | $3M | Cash & investmentsCash+inv |
| — | $5M | $4M | $4M | ReceivablesReceiv. |
| — | $3M | $840K | $840K | Accounts payablePayables |
| — | $2M | $3M | $3M | Operating working capitalOper. WC |
| — | $10M | $11M | $11M | Current assetsCur. assets |
| — | $4M | $3M | $3M | Current liabilitiesCur. liab. |
| — | 2.7× | 4.2× | 4.2× | Current ratioCurr. ratio |
| — | $10M | $15M | $15M | Total assetsAssets |
| — | ($987K) | ($3M) | ($3M) | Net debt / (cash)Net debt |
| $5M | $6M | $12M | $12M | Shareholders’ equityEquity |
| Per share | ||||
| 28.0M | 28.0M | 28.3M | 28.3M | Shares out (diluted)Shares |
| $0.67 | $0.66 | $0.71 | $0.71 | Revenue / shareRev/sh |
| $0.05 | $0.03 | $0.04 | $0.04 | EPS (diluted)EPS |
| $-0.00 | $0.04 | $0.01 | $0.01 | Owner earnings / shareOE/sh |
| $-0.01 | $0.04 | $-0.04 | $-0.04 | Free cash flow / shareFCF/sh |
| $0.00 | $0.00 | $0.06 | $0.06 | Cap. spending / shareCapex/sh |
| $0.19 | $0.23 | $0.44 | $0.44 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
12%low FY2025
Gross margin
25%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$399Kowner earningsvs.$1Mnet incomelow FY2023
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 $399K of owner earnings, the operating cash left after the $98K it takes just to hold its position. It put $2M more into growth; free cash flow, after that spending, was ($1M).
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $1M | $951K | $1M |
| Depreciation & amortizationnon-cash charge added back | +$98K | +$42K | +$4K |
| Working capital & othertiming of cash in and out, other non-cash items | −$824K | +$177K | −$2M |
| Cash from operations | $497K | $1M | ($76K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$98K | −$45K | −$4K |
| Owner earnings | $399K | $1M | ($80K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$2M | — | −$116K |
| Free cash flow | ($1M) | $1M | ($196K) |
| Owner-earnings marginowner earnings ÷ revenue | 2% | 6% | 0% |
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 $98K, roughly its depreciation, the rate its assets wear out). The other $2M 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.
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
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 →
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 $3M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $3M, 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 76 + DIO 0 − DPO 20 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 -1%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range -0%–6%; latest $399K = operating cash $497K − maintenance capex $98KIndustry peers: median 3%
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 2% of revenue this year, a 2% median across 3 years. It chose to put $2M more into growth, so free cash flow this year was ($1M) — the gap is investment, not weakness.
- Thinly cash-backedCash from ops $497K ÷ net income $1M
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? 16.37×ExpandingCapex $2M ÷ depreciation $98K
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 · 1 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 · $20M
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 PassCurrent ratio ≥ 2× · 4.18×
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 $0.04/share (latest year $0.04), the averaged base the calculator's gate runs on, and book value is $0.44/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?
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.
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$11M
- Cash & short-term investments$3M
- Receivables$4M
- Other current assets$4M
Current liabilities$3M
- Accounts payable$840K
- Other current liabilities$2M
Current ratio4.18×all current assets ÷ what's due · Graham looked for 2×
Quick ratio4.18×stricter: inventory excluded
Cash ratio1.12×strictest: cash alone against what's due
Working capital$8Mthe cushion left after near-term bills
Deeper floors
Tangible book value$12Mequity stripped of goodwill & intangibles
Net current asset value$8MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$111K$111K of it operating leases
Deferred revenue$663Kcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$4M · 21% of revenue on the largest customers (TTM)
“For the year ended December 31, 2023, CTG MICE Service Company Limited and Shandong Weichai Import and Export Corporation were the two customers that accounted for more than 10% of the Company's total revenue, accounting for 20.8% and 11.1% of our total revenue, respectively.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Entertainment & Studios
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 |
|---|---|---|---|---|---|
| TKOTKO Group Holdings Inc. | $4.7B | — | 17.6% | — | — |
| ACELAccel Entertainment Inc. | $1.3B | — | 7.7% | 14% | 7% |
| RSIRush Street Interactive Inc. | $1.1B | 32% | -19.3% | — | -1% |
| OSWOneSpaWorld Holdings Limited | $961M | — | 7.2% | 12% | 6% |
| LLYVALiberty Live Holdings, Inc. | $382M | 19% | -13.5% | -1% | — |
| SEGSeaport Entertainment Group Inc. | $130M | — | -91.7% | -18% | — |
| AHMAAMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C | $20M | 24% | 6.4% | 18% | 2% |
| FBYDFalcon's Beyond Global Inc. | $15M | — | -172.0% | -55% | -148% |
| Group median | — | 24% | -3.6% | 5% | 2% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C 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.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C has delivered.
AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
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 · since FY2024−65%/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 ($1M) on 28M shares outstanding (a weighted average, the only count this filer tags); net cash $3M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($2M) runs well above depreciation ($98K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $399K, 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, "AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C (AHMA), the owner's record," https://ownerscorecard.com/c/AHMA, data as of 2026-07-09.
Manual order: ← AHG its page in the Manual AIFU →
Industry order: ← 9602 the Entertainment & Studios chapter AMC →