What moves the needle: Gross margin has run about 13% and operating margin about 2.2% 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 −4.0% to 5.3% over the years, so the cost line is where the needle moves. On its own account, the filing leans hardest on pricing power & competition, 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 →

China is 62% of revenue, so this is largely a single-region business.

Revenue by geography, FY2025

China62%$39M
Asia23%$15M
Other15%$9M

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	TTMTTMSep 2025
				Income statement
$51M	$50M	$63M	$63M	RevenueRevenue
17%	13%	10%	10%	Gross marginGross mgn
$3M	$1M	($3M)	($3M)	Operating incomeOp. inc.
5.3%	2.2%	−4.0%	−4.0%	Operating marginOp. mgn
$2M	$1M	($2M)	($2M)	Net incomeNet inc.
29%	9%	—	—	Effective tax rateTax rate
				Cash flow & returns
$549K	$2M	$3M	$3M	Operating cash flowOp. cash
$263K	$322K	$378K	$378K	DepreciationDeprec.
($2M)	$109K	$5M	$5M	Working capital & otherWC & other
$303K	$240K	$465K	$465K	CapexCapex
0.6%	0.5%	0.7%	0.7%	Capex / revenueCapex/rev
$246K	$1M	$2M	$2M	Owner earningsOwner earn.
0.5%	2.7%	3.8%	3.8%	Owner earnings marginOE mgn
$246K	$1M	$2M	$2M	Free cash flowFCF
0.5%	2.7%	3.8%	3.8%	Free cash flow marginFCF mgn
—	9%	-19%	-19%	ROICROIC
—	7%	-11%	-11%	Return on equityROE
—	7%	−11%	−11%	Retained to equityRetained/eq
				Balance sheet
—	$5M	$9M	$9M	Cash & investmentsCash+inv
—	$11M	$9M	$9M	ReceivablesReceiv.
—	$3M	$4M	$4M	InventoryInvent.
—	$1M	$4M	$4M	Accounts payablePayables
—	$12M	$9M	$9M	Operating working capitalOper. WC
—	$25M	$35M	$35M	Current assetsCur. assets
—	$13M	$22M	$22M	Current liabilitiesCur. liab.
—	2.0×	1.6×	1.6×	Current ratioCurr. ratio
—	$32M	$45M	$45M	Total assetsAssets
—	($5M)	($9M)	($9M)	Net debt / (cash)Net debt
30.6×	5.5×	-12.3×	-12.3×	Interest coverageInt. cov.
—	$16M	$20M	$20M	Shareholders’ equityEquity
				Per share
25.0M	25.0M	26.2M	26.2M	Shares out (diluted)Shares
$2.03	$1.99	$2.42	$2.42	Revenue / shareRev/sh
$0.07	$0.05	$-0.08	$-0.08	EPS (diluted)EPS
$0.01	$0.05	$0.09	$0.09	Owner earnings / shareOE/sh
$0.01	$0.05	$0.09	$0.09	Free cash flow / shareFCF/sh
$0.01	$0.01	$0.02	$0.02	Cap. spending / shareCapex/sh
—	$0.66	$0.76	$0.76	Book value / shareBVPS

The record, charted

FY2023–2025

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

Share count

26Mpeak FY2025

Gross margin

10%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.

$2Mowner earningsvs.($2M)net incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2023FY2025

Owner-earnings bridge

FY2023–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 turned a $2M loss into $2M 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	($2M)	$1M	$2M
Depreciation & amortizationnon-cash charge added back	+$378K	+$322K	+$263K
Working capital & othertiming of cash in and out, other non-cash items	+$5M	+$109K	−$2M
Cash from operations	$3M	$2M	$549K
Capital expenditurecash put back in to keep running and to grow	−$465K	−$240K	−$303K
Owner earnings	$2M	$1M	$246K
Owner-earnings marginowner earnings ÷ revenue	4%	3%	0%

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.

III

Quality & stewardship

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

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Restated past financials

“Restatement of the 2023 Financial Statement As discussed in note 27 to the Financial Statements, the accompanying financial statement as of September 30, 2023 have been restated.”

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

Will it survive?

Can it pay its interest? -12.3×

Does not cover its interest

Operating income ($3M) ÷ interest expense $208K

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? +$9M

Net cash, debt-free

Cash $9M + ST investments $31K − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $9M, 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? 52d

Tight

DSO 52 + DIO 27 − DPO 28 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 —

Not enough data

Industry peers: median 12%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 3%

Thin through the cycle

3-yr median margin, range 0%–4%; latest $2M = operating cash $3M − maintenance capex $465K

Industry peers: median 2%

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 4% of revenue this year, a 3% median across 3 years.
Are earnings backed by cash? $3M

Loss, but cash-generative

Net income ($2M) · cash from operations $3M

In the filing’s words The filing discloses a restatement of previously reported figures — some numbers in the record have moved since they were first filed; read what changed, and why, before trusting the trend.

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?

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? 1.23×

Expanding

Capex $465K ÷ depreciation $378K

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 · 0 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 Miss

Revenue ≥ $2B · $63M

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 Near

Current ratio ≥ 2× · 1.59×

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 $0.01/share (latest year $-0.08), the averaged base the calculator's gate runs on, and book value is $0.76/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 contestability

AI 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, 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$35M

Cash & short-term investments$9M
Receivables$9M
Inventory$4M
Other current assets$12M

Current liabilities$22M

Accounts payable$4M
Other current liabilities$17M

Current ratio1.59×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.40×stricter: inventory excluded

Cash ratio0.43×strictest: cash alone against what's due

Working capital$13Mthe cushion left after near-term bills

Deeper floors

Tangible book value$18Mequity stripped of goodwill & intangibles

Net current asset value$12MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$387K$387K of it operating leases

Deferred revenue$7Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Peers, Electronic Components & Instruments

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
INGMIngram Micro Holding Corporation	$52.6B	7%	1.8%	10%	0%
GOLDGold.com Inc.	$11.0B	2%	1.3%	28%	-0%
CNXNPC Connection Inc.	$2.9B	16%	3.4%	12%	2%
PLUSePlus inc.	$2.4B	25%	6.3%	18%	11%
DXPEDXP Enterprises Inc.	$2.0B	28%	5.6%	10%	3%
PNSkycorp Solar Group Limited	$63M	13%	2.2%	-19%	3%
Group median	—	15%	2.8%	11%	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. Skycorp Solar Group 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 Skycorp Solar Group Limited has delivered.

Today’s price $

Base Normalize · through-cycle ($1M) 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 · since FY2023+213%/yr

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 $2M on 26M shares outstanding (a weighted average, the only count this filer tags); net cash $9M. 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.

Weigh PN against another business →

Cite: Owner Scorecard, "Skycorp Solar Group Limited (PN), the owner's record," https://ownerscorecard.com/c/PN, data as of 2026-07-09.

Manual order: ← PMEC its page in the Manual POET →

Industry order: ← PLXS the Electronic Components & Instruments chapter RAL →