Share count
18Mpeak FY2025
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PHOE, Phoenix Asia Holdings Limited
Construction & Engineering capital-intensive
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$7M
+23.2% YoY
Vital signs · TTM, with 3-yr average
Revenue $7M 3-yr avg $5M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 26% and operating margin about 18% through the cycle, a solid spread between what it charges and what the product costs to make. That margin has stayed fairly steady relative to where it runs (17%–21% over the years), so unit growth and cost discipline, not a moving line, are the lever. The cash cycle has run negative through the cycle (a median of −14 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. 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 high across the record (median 128%, above 15% in 3 of 3 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 6% of revenue reaches owners as cash, though it swings. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
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, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMSep 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $2M | $6M | $7M | $7M | RevenueRevenue |
| 25% | 26% | 30% | 26% | Gross marginGross mgn |
| $377K | $1M | $1M | $763K | Operating incomeOp. inc. |
| 16.9% | 21.4% | 17.6% | 10.8% | Operating marginOp. mgn |
| $351K | $1M | $1M | $593K | Net incomeNet inc. |
| 10% | 15% | 21% | 22% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| ($57K) | $540K | $1M | ($4M) | Operating cash flowOp. cash |
| $21K | $19K | $31K | $30K | DepreciationDeprec. |
| ($430K) | ($535K) | $123K | ($5M) | Working capital & otherWC & other |
| $23K | — | $41K | $41K | CapexCapex |
| 1.0% | — | 0.6% | 0.6% | Capex / revenueCapex/rev |
| ($80K) | — | $1M | ($4M) | Owner earningsOwner earn. |
| −3.6% | — | 15.6% | −60.6% | Owner earnings marginOE mgn |
| ($80K) | — | $1M | ($4M) | Free cash flowFCF |
| −3.6% | — | 15.5% | −60.7% | Free cash flow marginFCF mgn |
| 52% | 128% | 140% | 10% | ROICROIC |
| 54% | 62% | 33% | 8% | Return on equityROE |
| 54% | 62% | 33% | 8% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $891K | $2M | $2M | Cash & investmentsCash+inv |
| — | $2M | $2M | $5M | ReceivablesReceiv. |
| — | $1M | $1M | $1M | Accounts payablePayables |
| — | $1M | $281K | $4M | Operating working capitalOper. WC |
| — | $3M | $5M | $8M | Current assetsCur. assets |
| — | $2M | $2M | $1M | Current liabilitiesCur. liab. |
| — | 1.8× | 2.2× | 7.0× | Current ratioCurr. ratio |
| — | $4M | $5M | $9M | Total assetsAssets |
| — | ($891K) | ($2M) | ($2M) | Net debt / (cash)Net debt |
| 331.4× | 1503.3× | 1770.3× | 1633.1× | Interest coverageInt. cov. |
| $652K | $2M | $3M | $7M | Shareholders’ equityEquity |
| Per share | ||||
| 16.1M | 16.1M | 18.1M | 20.0M | Shares out (diluted)Shares |
| $0.14 | $0.36 | $0.41 | $0.35 | Revenue / shareRev/sh |
| $0.02 | $0.07 | $0.06 | $0.03 | EPS (diluted)EPS |
| $-0.00 | — | $0.06 | $-0.21 | Owner earnings / shareOE/sh |
| $-0.00 | — | $0.06 | $-0.22 | Free cash flow / shareFCF/sh |
| $0.00 | — | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $0.04 | $0.11 | $0.17 | $0.37 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
140%low FY2023
Gross margin
30%low 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 $1M of owner earnings, the operating cash left after the $31K it takes just to hold its position. It put $10K more into growth; free cash flow, after that spending, was $1M.
| FY2025 | FY2023 | |
|---|---|---|
| Reported net income | $1M | $351K |
| Depreciation & amortizationnon-cash charge added back | +$31K | +$21K |
| Working capital & othertiming of cash in and out, other non-cash items | +$123K | −$430K |
| Cash from operations | $1M | ($57K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$31K | −$23K |
| Owner earnings | $1M | ($80K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$10K | — |
| Free cash flow | $1M | ($80K) |
| Owner-earnings marginowner earnings ÷ revenue | 16% | -4% |
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 $31K, roughly its depreciation, the rate its assets wear out). The other $10K 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.
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?
- Can it pay its interest? 1633.1×ComfortableOperating income $763K ÷ interest expense $467
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cash, debt-freeCash $2M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $2M, 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 enough dataIndustry peers: median 9%
What this means
The filing data didn't include the inputs for this check.
- Consumes cashOwner earnings ($4M) = operating cash ($4M) − maintenance capex $30KIndustry peers: median 6%
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 -61% of revenue this year.
- Are earnings backed by cash? -7.19×Thinly cash-backedCash from ops ($4M) ÷ net income $593K
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? 1.36×ExpandingCapex $41K ÷ depreciation $30K
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 · $7M
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× · 7.02×
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 $0.03), the averaged base the calculator's gate runs on, and book value is $0.37/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?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
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.
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, and the company is using it that way.
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$8M
- Cash & short-term investments$2M
- Receivables$5M
- Other current assets$2M
Current liabilities$1M
- Accounts payable$1M
- Other current liabilities$176K
Current ratio7.02×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio1.28×strictest: cash alone against what's due
Working capital$7Mthe cushion left after near-term bills
Cash runway0.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$7Mequity stripped of goodwill & intangibles
Net current asset value$7MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$990$990 of it operating leases
From the company's latest filing.
Peers, Construction & Engineering
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 |
|---|---|---|---|---|---|
| BLDTopBuild | $5.4B | 28% | 13.4% | 12% | 9% |
| LGNLegence Corp. | $2.6B | 21% | 2.4% | — | 1% |
| AMRCAmeresco Inc. | $1.8B | 19% | 6.1% | 8% | -10% |
| AGXArgan Inc. | $945M | 17% | 8.9% | 29% | 19% |
| MTRXMatrix Service Company | $769M | 6% | -3.7% | -14% | 2% |
| LMBLimbach Holdings Inc. | $647M | 18% | 2.9% | 10% | 6% |
| BBCPConcrete Pumping Holdings Inc. | $356M | 37% | 12.6% | 6% | 11% |
| PHOEPhoenix Asia Holdings Limited | $7M | 26% | 17.6% | 128% | -61% |
| Group median | — | 20% | 7.5% | 10% | 4% |
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. Phoenix Asia Holdings Limited'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 Phoenix Asia Holdings Limited has delivered.
Phoenix Asia Holdings Limited’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, 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—
Free cash flow ($4M) on 20M shares outstanding, per the 20-F cover, as of 2025-03-31; net cash $2M. 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 ($41K) runs well above depreciation ($30K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($4M), 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, "Phoenix Asia Holdings Limited (PHOE), the owner's record," https://ownerscorecard.com/c/PHOE, data as of 2026-07-09.
Manual order: ← PHI its page in the Manual PKX →
Industry order: ← PBK the Construction & Engineering chapter PLPC →