Share count
34Mpeak FY2024
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PTLE, PTL LTD
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$72M
−27.0% YoY · −1% 3-yr CAGR
Vital signs · TTM, with 4-yr average
Revenue $72M 4-yr avg $87M
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 sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run around −0.6% through the cycle on a 1.5% 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. The cash cycle has run negative through the cycle (a median of −5 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 32%, above 15% in 2 of 4 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. 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, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $75M | $102M | $98M | $72M | $72M | RevenueRevenue |
| 1% | 2% | 2% | 1% | 1% | Gross marginGross mgn |
| $367K | $1M | ($5M) | ($443K) | ($443K) | Operating incomeOp. inc. |
| 0.5% | 1.1% | −4.8% | −0.6% | −0.6% | Operating marginOp. mgn |
| $391K | $936K | ($5M) | ($1M) | ($1M) | Net incomeNet inc. |
| 2% | 15% | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||
| ($642K) | $1M | ($765K) | ($12M) | ($12M) | Operating cash flowOp. cash |
| ($1M) | $156K | $4M | ($11M) | ($11M) | Working capital & otherWC & other |
| 87% | 69% | -612% | -4% | -4% | ROICROIC |
| 94% | 69% | -810% | -13% | -13% | Return on equityROE |
| 94% | 69% | −810% | −13% | −13% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $8M | $8M | $5M | $5M | ReceivablesReceiv. |
| — | $9M | $11M | $3M | $3M | Accounts payablePayables |
| — | ($1M) | ($4M) | $2M | $2M | Operating working capitalOper. WC |
| — | $11M | $13M | $9M | $9M | Current assetsCur. assets |
| — | $10M | $12M | $3M | $3M | Current liabilitiesCur. liab. |
| — | 1.1× | 1.0× | 2.6× | 2.6× | Current ratioCurr. ratio |
| — | $11M | $13M | $12M | $12M | Total assetsAssets |
| $414K | $1M | $614K | $9M | $9M | Shareholders’ equityEquity |
| Per share | |||||
| 33.8M | 33.8M | 34.6M | 33.7M | 12.7M | Shares out (diluted)Shares |
| $2.22 | $3.03 | $2.84 | $2.13 | $5.65 | Revenue / shareRev/sh |
| $0.01 | $0.03 | $-0.14 | $-0.04 | $-0.09 | EPS (diluted)EPS |
| $0.01 | $0.04 | $0.02 | $0.26 | $0.70 | Book value / shareBVPS |
Share counts before 2025 are restated ×3 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1/2.66 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −1.4%/yr | −1.4%/yr (3-yr) |
| Book value / share | +178.1%/yr | +178.1%/yr (3-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
−4%low FY2024
Gross margin
1%low FY2025
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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- 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 6%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median 3%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? ($12M)Loss, and burning cashNet income ($1M) · cash from operations ($12M)
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 not.
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? —Not enough data
What this means
The filing data didn't include the inputs for this check.
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 · $72M
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× · 2.60×
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 $-0.14/share (latest year $-0.09), the averaged base the calculator's gate runs on, and book value is $0.70/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 2 of 4
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Operating margin 1% → −3% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 1% early to −3% lately, median −1% — competition or costs are biting in.
- Worst year 2024 · −4.8% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
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.
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, 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$9M
- Receivables$5M
- Other current assets$3M
Current liabilities$3M
- Accounts payable$3M
- Other current liabilities$122K
Current ratio2.60×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 ratio0.00×strictest: cash alone against what's due
Working capital$5Mthe cushion left after near-term bills
Deeper floors
Tangible book value$9Mequity stripped of goodwill & intangibles
Net current asset value$5MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$733$733 of it operating leases
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$12M · 17% of revenue on the largest customers (TTM)
“The Company has a concentration of its revenue, purchases, accounts receivable and accounts payable with specific customers and suppliers. 109 For the year ended December 31, 2025, two customers accounted for approximately 16.7% and 10.6% of the Company's 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, Refining & Marketing
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 |
|---|---|---|---|---|---|
| WKCWorld Kinect | $36.9B | 3% | 0.5% | 6% | 0% |
| CHSCOCHS Inc. | $35.5B | 3% | 1.2% | 4% | 2% |
| DPZDomino's Pizza Inc. | $4.9B | 39% | 18.0% | 91% | 12% |
| CHEFChefs' Warehouse | $4.1B | 24% | 3.2% | 6% | 2% |
| UVVUniversal Corporation | $2.9B | 18% | 7.6% | 8% | 3% |
| VSTSVestis Corporation | $2.7B | — | 6.4% | 6% | 6% |
| HWKNHawkins | $1.1B | 19% | 9.4% | 12% | 6% |
| PTLEPTL LTD | $72M | 2% | -0.1% | 32% | — |
| Group median | — | 18% | 4.8% | 7% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. PTL LTD 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.
The owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the 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.
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The assumptions
Revenue, delivered−2%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—
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, "PTL LTD (PTLE), the owner's record," https://ownerscorecard.com/c/PTLE, data as of 2026-07-09.
Manual order: ← PSO its page in the Manual PUK →
Industry order: ← PSX the Refining & Marketing chapter SU →