What it is: A capital-goods maker, whose demand swings with its customers' own spending.
What moves the needle: Gross margin has run about 23% and operating margin about 11% 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. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −3.4% to 18% over the years, so the cost line is where the needle moves. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on pricing power & competition, 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 →

Revenue spreads across 4 segments, the largest Saleof Clean Energy Equipment at 46%.

Revenue by reportable segment, FY2025

Saleof Clean Energy Equipment46%$22M
Saleof New Energy40%$20M
Delivery Of Oil And Gas Engineering Technical Services8%$4M
Saleof Digitalization And Integration Equipment6%$3M

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, 2022–2025

realized figures from each filing · older years to the left

2022’22	2023’23	2024’24	2025’25	TTMTTMSep 2025
					Income statement
$47M	$73M	$69M	$48M	$48M	RevenueRevenue
29%	25%	23%	18%	18%	Gross marginGross mgn
$8M	$12M	$8M	($2M)	($2M)	Operating incomeOp. inc.
17.6%	16.3%	10.9%	−3.4%	−3.4%	Operating marginOp. mgn
$6M	$12M	$8M	$1M	$1M	Net incomeNet inc.
26%	6%	2%	—	—	Effective tax rateTax rate
					Cash flow & returns
($4M)	$4M	$15M	($4M)	($4M)	Operating cash flowOp. cash
$293K	$421K	$519K	$486K	$486K	DepreciationDeprec.
($10M)	($8M)	$7M	($5M)	($5M)	Working capital & otherWC & other
$3M	$741K	$681K	$171K	$171K	CapexCapex
6.1%	1.0%	1.0%	0.4%	0.4%	Capex / revenueCapex/rev
($7M)	$4M	$14M	($4M)	($4M)	Owner earningsOwner earn.
−15.5%	5.0%	20.8%	−7.6%	−7.6%	Owner earnings marginOE mgn
($7M)	$4M	$14M	($4M)	($4M)	Free cash flowFCF
−15.5%	5.0%	20.8%	−7.6%	−7.6%	Free cash flow marginFCF mgn
—	35%	18%	-4%	-3%	ROICROIC
—	38%	20%	3%	3%	Return on equityROE
—	38%	20%	3%	3%	Retained to equityRetained/eq
					Balance sheet
—	$7M	$18M	$19M	$19M	Cash & investmentsCash+inv
—	$31M	$22M	$15M	$15M	ReceivablesReceiv.
—	$8M	$5M	$4M	$4M	InventoryInvent.
—	$12M	$11M	$8M	$8M	Accounts payablePayables
—	$27M	$16M	$11M	$11M	Operating working capitalOper. WC
—	$59M	$62M	$59M	$59M	Current assetsCur. assets
—	$32M	$27M	$23M	$23M	Current liabilitiesCur. liab.
—	1.8×	2.3×	2.5×	2.5×	Current ratioCurr. ratio
—	$65M	$70M	$69M	$69M	Total assetsAssets
—	$1M	$1M	—	$2M	Total debtDebt
—	($6M)	($17M)	—	($16M)	Net debt / (cash)Net debt
193.0×	175.0×	132.4×	-23.4×	-23.4×	Interest coverageInt. cov.
—	$31M	$40M	$45M	$45M	Shareholders’ equityEquity
					Per share
15.5M	15.5M	15.5M	16.7M	17.0M	Shares out (diluted)Shares
$3.01	$4.72	$4.46	$2.90	$2.84	Revenue / shareRev/sh
$0.37	$0.75	$0.52	$0.08	$0.08	EPS (diluted)EPS
$-0.47	$0.24	$0.93	$-0.22	$-0.22	Owner earnings / shareOE/sh
$-0.47	$0.24	$0.93	$-0.22	$-0.22	Free cash flow / shareFCF/sh
$0.18	$0.05	$0.04	$0.01	$0.01	Cap. spending / shareCapex/sh
—	$1.99	$2.57	$2.72	$2.67	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	3-yr	5-yr
Revenue / share	−1.3%/yr	−1.3%/yr (3-yr)
EPS	−40.9%/yr	−40.9%/yr (3-yr)
Capital spending / share	−61.8%/yr	−61.8%/yr (3-yr)
Book value / share	+17.1%/yr (2-yr)	+17.1%/yr (2-yr)

The record, charted

FY2022–2025

Each measure over its full record; the current point and the worst year marked.

Share count

17Mpeak FY2025

ROIC

−4%low FY2025

Gross margin

18%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($4M)owner earningsvs.$1Mnet incomelow FY2022

Owner-earnings bridge

FY2022–FY2025cash-flow statement, SEC EDGAR →

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 reported $1M of profit but ($4M) of owner earnings: $5M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022
Reported net income	$1M	$8M	$12M	$6M
Depreciation & amortizationnon-cash charge added back	+$486K	+$519K	+$421K	+$293K
Working capital & othertiming of cash in and out, other non-cash items	−$5M	+$7M	−$8M	−$10M
Cash from operations	($4M)	$15M	$4M	($4M)
Capital expenditurecash put back in to keep running and to grow	−$171K	−$681K	−$741K	−$3M
Owner earnings	($4M)	$14M	$4M	($7M)
Owner-earnings marginowner earnings ÷ revenue	-8%	21%	5%	-15%

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 .

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F/A · source on SEC EDGAR →

Material weakness in financial controls

“Internal Control Over Financial Reporting In connection with the audit of our CFS as of September 30, 2025 and for the year then ended, we identified two material weaknesses in our ICFR.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? -23.4×

Does not cover its interest

Operating income ($2M) ÷ interest expense $71K

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.
How heavy is the debt, net of cash? +$16M

Net cash

Cash $0 + ST investments $19M − debt $2M

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.
How long is cash tied up? 80d

Long (60+ days)

DSO 116 + DIO 33 − DPO 69 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?

Return on invested capital 18%

High through the cycle

3-yr median, range -4%–35%; -3% latest = NOPAT ($2M) ÷ invested capital $48M

Industry peers: median -7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran -3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -8%

Consumes cash through the cycle

4-yr median margin, range -15%–21%; latest ($4M) = operating cash ($4M) − maintenance capex $171K

Industry peers: median -4%

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 -8% of revenue this year, a -8% median across 4 years.
Are earnings backed by cash? -2.75×

Thinly cash-backed

Cash from ops ($4M) ÷ net income $1M

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
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?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.35×

Harvesting

Capex $171K ÷ depreciation $486K

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 · 2 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 Miss

Revenue ≥ $2B · $48M

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 Pass

Current ratio ≥ 2× · 2.54×

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 Pass

Debt ≤ working capital · $2M vs $36M 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 $0.41/share (latest year $0.08), the averaged base the calculator's gate runs on, and book value is $2.67/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, 2022–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 4

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 17% → 4% (2-yr avg ends)

In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.

What this means
Through the cycle the operating margin slipped — about 17% early to 4% lately, median 11% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2025 · −3.4% op. margin

What this means
Operations went underwater in 2025, understand why before trusting the good years.
Share count +2.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

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, 2025

Can 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$59M

Cash & short-term investments$19M
Receivables$15M
Inventory$4M
Other current assets$21M

Current liabilities$23M

Debt due within a year$1M
Accounts payable$8M
Other current liabilities$15M

Current ratio2.54×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.39×stricter: inventory excluded

Cash ratio0.80×strictest: cash alone against what's due

Working capital$36Mthe cushion left after near-term bills

Debt due this year vs. cash$1M due · $19M cash covered by cash on hand, no refinancing forced · both figures from the Sep 30, 2025 balance sheet

Cash runway5.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Deeper floors

Tangible book value$45Mequity stripped of goodwill & intangibles

Net current asset value$35MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$2M$83K of it operating leases

From the company's latest filing.

How the cash was used, 2022–2025

Over the record, the business generated $12M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$4M · 39%
Retained (debt / cash)$7M · 61%

Net change in share count9.8%
The diluted count rose from 16M to 17M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained4%
Of the earnings it kept rather than paid out ($27M over the span), annual owner earnings (first three years vs last three) grew $1M, so each retained $1 added about 0.04 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

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.

Inverting the record

Invert: instead of why Leishen Energy Holding Co. Ltd. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2022–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereDid the share count rise anyway?9.8%
Diluted shares grew 9.8% over 2022–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid reported profit become cash?0.43×
Across the record the business reported $27M of net income but generated $12M of operating cash, a 0.43-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Oilfield Services & Equipment

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
FETForum Energy Technologies Inc.	$791M	25%	-14.0%	-7%	0%
OISOil States International Inc.	$669M	22%	-10.5%	-5%	6%
ERIIEnergy Recovery Inc.	$135M	69%	13.5%	13%	8%
CEPLCapstone Energy Plus Inc.	$106M	14%	-23.2%	-74%	-19%
ASYSAmtech Systems Inc.	$79M	37%	1.8%	1%	-4%
LSELeishen Energy Holding Co. Ltd.	$48M	24%	13.6%	18%	-1%
VELOVelo3D Inc.	$46M	-5%	-153.6%	-147%	-140%
CHRNChronoScale Holdings Corporation	$13M	50%	-120.5%	-139%	-100%
Group median	—	25%	-12.2%	-6%	-2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Leishen Energy Holding Co. Ltd.'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 Leishen Energy Holding Co. Ltd. has delivered.

Leishen Energy Holding Co. Ltd.’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($5M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

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.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

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 ($4M) on 17M shares outstanding, per the 20-F/A cover, as of 2025-09-30; net cash $16M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. 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.

Weigh LSE against another business →

Cite: Owner Scorecard, "Leishen Energy Holding Co. Ltd. (LSE), the owner's record," https://ownerscorecard.com/c/LSE, data as of 2026-07-09.

Manual order: ← LPL its page in the Manual LSPD →

Industry order: ← LBRT the Oilfield Services & Equipment chapter NBR →