Share count
16Mpeak FY2025
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AXG, Solowin Holdings Class A Ordinary Share
An asset manager, paid a fee on the money it runs for other people.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$30K
−76.6% YoY · −56% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $30K 4-yr avg $134K
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
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. 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?
- Operating margin has held high for a asset manager (median 29% across the record). It earns this on little capital, so return on equity has run near −50%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
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, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $351K | $27K | $128K | $30K | $30K | RevenueRevenue |
| 55.8% | 225.9% | 2.3% | n/m | 10.0% | Operating marginOp. mgn |
| −278.9% | n/m | n/m | n/m | — | Net marginNet mgn |
| ($979K) | $1M | ($5M) | ($9M) | — | Net incomeNet inc. |
| Cash flow & returns | |||||
| ($6M) | ($451K) | ($6M) | ($1M) | ($6M) | Owner earningsOwner earn. |
| -49% | 40% | -51% | -180% | — | Return on equityROE |
| −49% | 40% | −51% | −180% | — | Retained to equityRetained/eq |
| Balance sheet | |||||
| $9M | $10M | $15M | $12M | $383M | Total assetsAssets |
| $977K | $2M | $2M | $10M | $15M | Cash & investmentsCash+inv |
| $2M | $3M | $9M | $5M | $369M | Shareholders’ equityEquity |
| Per share | |||||
| 10.4M | 12.0M | 13.7M | 16.1M | 15.5M | Shares out (diluted)Shares |
| $0.03 | $0.00 | $0.01 | $0.00 | $0.00 | Revenue / shareRev/sh |
| $-0.09 | $0.11 | $-0.33 | $-0.53 | — | EPS (diluted)EPS |
| $-0.56 | $-0.04 | $-0.42 | $-0.07 | $-0.41 | Owner earnings / shareOE/sh |
| $0.19 | $0.28 | $0.65 | $0.29 | $23.81 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −62.0%/yr | −62.0%/yr (3-yr) |
| Capital spending / share | +49.3%/yr | +49.3%/yr (3-yr) |
| Book value / share | +15.0%/yr | +15.0%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$30Klow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 10.0%Modest fee marginOperating income $3K ÷ revenue $30KIndustry peers: median 18%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −28460.0%SlimNet income ($9M) ÷ revenue $30K
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −2%Below the cost of equityNet income ($9M) ÷ equity $369MIndustry peers: median 13%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
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 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.
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, 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$28M
- Cash & short-term investments$15M
- Receivables$333K
- Other current assets$13M
Current liabilities$13M
- Other current liabilities$13M
Current ratio2.17×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.17×stricter: inventory excluded
Cash ratio1.12×strictest: cash alone against what's due
Working capital$15Mthe cushion left after near-term bills
Cash runway2.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$26Mequity stripped of goodwill & intangibles
Net current asset value$14MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$914K$914K of it operating leases
Deferred revenue$151Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 4-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$343M90% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity93%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 4 years buying other businesses, against $254K of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 4-year record, from the company's own filings.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$9K · 29% of revenue on the largest customers (TTM)
“For the fiscal year ended March 31, 2024, Solomon JFZ's three largest customers represented approximately 29%, 26% and 19% of its total revenue.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. 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 | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| IBKRInteractive Brokers Group Inc. | $6.2B | 24.6% | 10.1% | 13% |
| TPGTPG Inc. | $2.4B | 6.4% | 3.2% | 3% |
| AAMIAcadian Asset Management Inc. | $564M | 24.8% | 16.8% | 102% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| VALUValue Line Inc. | $35M | 18.1% | 43.3% | 26% |
| TOPTOP Financial Group Limited | $5M | -24.9% | -24.8% | -3% |
| AXGSolowin Holdings Class A Ordinary Share | $30K | 29.1% | -1919.1% | -50% |
| Group median | — | 21.3% | 6.6% | 8% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Solowin Holdings Class A Ordinary Share 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.
Solowin Holdings Class A Ordinary Share is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered−44%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−21183%
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.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Solowin Holdings Class A Ordinary Share (AXG), the owner's record," https://ownerscorecard.com/c/AXG, data as of 2026-07-09.
Manual order: ← AVAL its page in the Manual AXIA →
Industry order: ← AVX the Capital Markets & Asset Management chapter AXP →