Share count
61Mpeak FY2025
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CURR, Currenc Group Inc.
We are a leading operator of global money transfer services and airtime trading in Southeast Asia.
Tranglo provides business-to-business ("B2B") remittance services for financial institutions and is considered as an upstream player of the remittance industry.
For Tranglo's money remittance business, it provides a single unified application programming interface for licensed banks and money service operators and acts as a one-stop settlement agent for cross-border money transfer, offering customers the ability to process payments globally.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$38M
−18.6% YoY
Vital signs · TTM, with 4-yr average
Revenue $38M 4-yr avg $46M
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 Fiat Remittance Service (58%), Sales of Airtime (41%) and ODL Remittance Service (1%).
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Operating margin has run around −21% through the cycle on a 33% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. 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 4 segments, the largest Fiat Remittance Service at 58%.
Revenue by reportable segment, FY2025
- Fiat Remittance Service58%$22M
- Sales of Airtime41%$16M
- ODL Remittance Service1%$431K
- Other Services0%$16K
By geographyMalaysia80%Indonesia20%
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 | ||||
| $53M | $46M | $38M | $38M | RevenueRevenue |
| 33% | 31% | 41% | 41% | Gross marginGross mgn |
| ($7M) | ($27M) | ($8M) | ($8M) | Operating incomeOp. inc. |
| −12.5% | −59.0% | −21.0% | −21.0% | Operating marginOp. mgn |
| ($14M) | ($39M) | ($19M) | ($19M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($15M) | $3M | $8M | $8M | Operating cash flowOp. cash |
| $607K | $525K | $496K | $496K | DepreciationDeprec. |
| ($1M) | $42M | $26M | $26M | Working capital & otherWC & other |
| $292K | $577K | $479K | $479K | CapexCapex |
| 0.5% | 1.2% | 1.3% | 1.3% | Capex / revenueCapex/rev |
| ($16M) | $3M | $7M | $7M | Owner earningsOwner earn. |
| −29.3% | 6.2% | 19.5% | 19.5% | Owner earnings marginOE mgn |
| ($16M) | $3M | $7M | $7M | Free cash flowFCF |
| −29.3% | 6.2% | 19.5% | 19.5% | Free cash flow marginFCF mgn |
| Balance sheet | ||||
| $49M | $64M | $75M | $76M | Cash & investmentsCash+inv |
| $126K | $89K | $31K | $31K | InventoryInvent. |
| $11K | $14K | $11K | $11K | Accounts payablePayables |
| $115K | $75K | $20K | $20K | Operating working capitalOper. WC |
| $103M | $87M | $101M | $101M | Current assetsCur. assets |
| $174M | $145M | $90M | $90M | Current liabilitiesCur. liab. |
| 0.6× | 0.6× | 1.1× | 1.1× | Current ratioCurr. ratio |
| $27M | $12M | $10M | $10M | GoodwillGoodwill |
| $141M | $105M | $114M | $114M | Total assetsAssets |
| $12M | $7M | $2M | $4M | Total debtDebt |
| ($37M) | ($56M) | ($73M) | ($72M) | Net debt / (cash)Net debt |
| ($63M) | ($66M) | ($6M) | ($6M) | Shareholders’ equityEquity |
| Per share | ||||
| 34.0M | 38.2M | 61.5M | 76.6M | Shares out (diluted)Shares |
| $1.57 | $1.22 | $0.62 | $0.49 | Revenue / shareRev/sh |
| $-0.42 | $-1.02 | $-0.30 | $-0.24 | EPS (diluted)EPS |
| $-0.46 | $0.08 | $0.12 | $0.10 | Owner earnings / shareOE/sh |
| $-0.46 | $0.08 | $0.12 | $0.10 | Free cash flow / shareFCF/sh |
| $0.01 | $0.02 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| $-1.85 | $-1.73 | $-0.09 | $-0.07 | Book value / shareBVPS |
The diluted share count moved ×1.61 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
41%low FY2024
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$7Mowner earningsvs.($19M)net 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 turned a $19M loss into $7M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($19M) | ($39M) | ($14M) |
| Depreciation & amortizationnon-cash charge added back | +$496K | +$525K | +$607K |
| Working capital & othertiming of cash in and out, other non-cash items | +$26M | +$42M | −$1M |
| Cash from operations | $8M | $3M | ($15M) |
| Capital expenditurecash put back in to keep running and to grow | −$479K | −$577K | −$292K |
| Owner earnings | $7M | $3M | ($16M) |
| Owner-earnings marginowner earnings ÷ revenue | 20% | 6% | -29% |
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 →
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 cashCash $75M + ST investments $300K − debt $4M
What this means
Cash and short-term investments exceed every dollar of debt by $72M, 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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not meaningful hereInvested capital ($77M) = debt $4M + equity ($6M) − cashIndustry peers: median -2%
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.
- Solid through the cycle3-yr median margin, range -29%–20%; latest $7M = operating cash $8M − maintenance capex $479KIndustry 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 20% of revenue this year, a 6% median across 3 years.
- Loss, but cash-generativeNet income ($19M) · cash from operations $8M
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.97×MaintainingCapex $479K ÷ depreciation $496K
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 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 · $38M
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 MissCurrent ratio ≥ 2× · 1.12×
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 · $4M vs $11M 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. Three-year average earnings are $-0.31/share (latest year $-0.24), the averaged base the calculator's gate runs on, and book value is $-0.07/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, 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$101M
- Cash & short-term investments$76M
- Inventory$31K
- Other current assets$25M
Current liabilities$90M
- Debt due within a year$1M
- Accounts payable$11K
- Other current liabilities$89M
Current ratio1.12×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.12×stricter: inventory excluded
Cash ratio0.84×strictest: cash alone against what's due
Working capital$11Mthe cushion left after near-term bills
Debt due this year vs. cash$1M due · $76M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book value($17M)equity stripped of goodwill & intangibles
Net current asset value$6MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$4M$187K of it operating leases
From the company's latest filing.
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% |
| CURRCurrenc Group Inc. | $38M | 33% | -21.0% | — | 6% |
| Group median | — | — | -1.5% | — | 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. Currenc Group Inc.'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 Currenc Group Inc. 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 FY2024+157%/yr
Owner-earnings growth · since FY2024+157%/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—
Owner earnings $7M on 77M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $72M. 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, "Currenc Group Inc. (CURR), the owner's record," https://ownerscorecard.com/c/CURR, data as of 2026-07-09.
Manual order: ← CTW its page in the Manual CVE →
Industry order: ← CTEV the Commercial Services & Supplies chapter DASH →