Share count
14Mpeak FY2025
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ROMA, Roma Green Finance Limited
ROMA, through its subsidiaries are mainly engaged in the provision of environmental, social and governance, corporate governance and risk management as well as sustainability and climate change related advisory services.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
HK$12M
+23.2% YoY · −5% 3-yr CAGR
Vital signs · TTM
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 meaningful revenue yet; the record is the cash on hand against the burn. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has run around −61% through the cycle on a 37% 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.
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 | TTMTTMMar 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| HK$14M | HK$14M | HK$10M | HK$12M | HK$12M | RevenueRevenue |
| 48% | 42% | 32% | 37% | 37% | Gross marginGross mgn |
| (HK$2M) | (HK$1M) | (HK$6M) | (HK$29M) | (HK$29M) | Operating incomeOp. inc. |
| −12.8% | −9.9% | −61.5% | −233.9% | −233.9% | Operating marginOp. mgn |
| (HK$1M) | (HK$1M) | (HK$6M) | (HK$28M) | (HK$28M) | Net incomeNet inc. |
| Cash flow & returns | |||||
| HK$97K | HK$547K | (HK$25M) | (HK$13M) | (HK$13M) | Operating cash flowOp. cash |
| HK$22K | HK$31K | HK$30K | HK$17K | HK$17K | DepreciationDeprec. |
| HK$1M | HK$2M | (HK$19M) | HK$15M | HK$15M | Working capital & otherWC & other |
| HK$71K | HK$7K | HK$6K | — | HK$6K | CapexCapex |
| 0.5% | 0.0% | 0.1% | — | 0.1% | Capex / revenueCapex/rev |
| HK$26K | HK$540K | (HK$25M) | — | (HK$13M) | Owner earningsOwner earn. |
| 0.2% | 4.0% | −253.0% | — | −103.2% | Owner earnings marginOE mgn |
| HK$26K | HK$540K | (HK$25M) | — | (HK$13M) | Free cash flowFCF |
| 0.2% | 4.0% | −253.0% | — | −103.2% | Free cash flow marginFCF mgn |
| — | — | -32% | -81% | -81% | ROICROIC |
| — | — | -10% | -57% | -57% | Return on equityROE |
| — | — | −10% | −57% | −57% | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | HK$530K | HK$43M | HK$21M | HK$21M | Cash & investmentsCash+inv |
| — | HK$3M | HK$2M | HK$2M | HK$2M | ReceivablesReceiv. |
| — | — | HK$206K | HK$206K | HK$206K | Accounts payablePayables |
| — | HK$3M | HK$1M | HK$2M | HK$2M | Operating working capitalOper. WC |
| — | HK$6M | HK$60M | HK$50M | HK$50M | Current assetsCur. assets |
| — | HK$6M | HK$5M | HK$2M | HK$2M | Current liabilitiesCur. liab. |
| — | 0.9× | 10.9× | 24.6× | 24.6× | Current ratioCurr. ratio |
| — | HK$6M | HK$64M | HK$51M | HK$51M | Total assetsAssets |
| — | (HK$530K) | (HK$43M) | (HK$21M) | (HK$21M) | Net debt / (cash)Net debt |
| (HK$760K) | (HK$459K) | HK$58M | HK$49M | HK$49M | Shareholders’ equityEquity |
| Per share | |||||
| 6.6M | 6.6M | 8.1M | 13.6M | 15.6M | Shares out (diluted)Shares |
| HK$2.17 | HK$2.07 | HK$1.22 | HK$0.89 | HK$0.78 | Revenue / shareRev/sh |
| HK$-0.16 | HK$-0.15 | HK$-0.72 | HK$-2.04 | HK$-1.78 | EPS (diluted)EPS |
| HK$0.00 | HK$0.08 | HK$-3.08 | — | HK$-0.81 | Owner earnings / shareOE/sh |
| HK$0.00 | HK$0.08 | HK$-3.08 | — | HK$-0.81 | Free cash flow / shareFCF/sh |
| HK$0.01 | HK$0.00 | HK$0.00 | — | HK$0.00 | Cap. spending / shareCapex/sh |
| HK$-0.12 | HK$-0.07 | HK$7.14 | HK$3.57 | HK$3.13 | Book value / shareBVPS |
The diluted share count moved ×1.68 into 2025 — shares issued, 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 | −25.5%/yr | −25.5%/yr (3-yr) |
| Capital spending / share | −73.6%/yr (2-yr) | −73.6%/yr (2-yr) |
The record, charted
FY2022–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
37%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.
(HK$25M)owner earningsvs.(HK$6M)net incomelow FY2024
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 2024 the business reported a HK$6M loss but (HK$25M) of owner earnings: HK$19M less than the profit line, taken out by capital spending and the timing of cash.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Reported net income | (HK$6M) | (HK$1M) | (HK$1M) |
| Depreciation & amortizationnon-cash charge added back | +HK$30K | +HK$31K | +HK$22K |
| Working capital & othertiming of cash in and out, other non-cash items | −HK$19M | +HK$2M | +HK$1M |
| Cash from operations | (HK$25M) | HK$547K | HK$97K |
| Capital expenditurecash put back in to keep running and to grow | −HK$6K | −HK$7K | −HK$71K |
| Owner earnings | (HK$25M) | HK$540K | HK$26K |
| Owner-earnings marginowner earnings ÷ revenue | -253% | 4% | 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.
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 cash, debt-freeCash HK$21M − debt HK$0
What this means
Cash and short-term investments exceed every dollar of debt by HK$21M, 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.
- TightDSO 56 + DIO 0 − DPO 10 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. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median 8%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range -253%–4%; latest (HK$13M) = operating cash (HK$13M) − maintenance capex HK$6KIndustry 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 -103% of revenue this year, a 0% median across 3 years.
- Are earnings backed by cash? (HK$13M)Loss, and burning cashNet income (HK$28M) · cash from operations (HK$13M)
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? 0.37×HarvestingCapex HK$6K ÷ depreciation HK$17K
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 1 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 —Revenue ≥ $2B (a dollar floor) · HK$12M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 24.65×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are HK$-0.74/share (latest year HK$-1.78), the averaged base the calculator's gate runs on, and book value is HK$3.13/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 0 of 4
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Operating margin −11% → −148% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about −11% early to −148% lately, median −61% — competition or costs are biting in.
- Worst year 2025 · −233.9% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
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 Not named
Despite the structural exposure, the latest 10-K does not name AI as a competitive risk, which is itself worth a question.
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, Mar 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 assetsHK$50M
- Cash & short-term investmentsHK$21M
- ReceivablesHK$2M
- Other current assetsHK$27M
Current liabilitiesHK$2M
- Accounts payableHK$206K
- Other current liabilitiesHK$2M
Current ratio24.65×all current assets ÷ what's due · Graham looked for 2×
Quick ratio24.65×stricter: inventory excluded
Cash ratio10.31×strictest: cash alone against what's due
Working capitalHK$48Mthe cushion left after near-term bills
Cash runway1.7 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueHK$49Mequity stripped of goodwill & intangibles
Net current asset valueHK$48MGraham's net-net: current assets less all liabilities
Deferred revenueHK$776Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Professional Services
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 |
|---|---|---|---|---|---|
| ICFIICF International | $1.9B | 36% | 6.9% | 8% | 7% |
| ONTOnterris Inc. | $831M | 35% | -4.8% | -5% | 3% |
| WLDNWilldan Group Inc. | $682M | 35% | 4.9% | 8% | 4% |
| EXPOExponent | $582M | — | 20.8% | 44% | 22% |
| NRCNRC Health | $137M | — | 29.3% | 47% | 21% |
| OABIOmniAb Inc. | $19M | — | -203.2% | -18% | -35% |
| ROMARoma Green Finance Limited | HK$12M | 40% | -37.2% | -81% | 0% |
| ONMDOneMedNet Corp | $1M | -34% | -691.3% | — | -513% |
| Group median | — | 35% | 0.0% | 8% | 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. Roma Green Finance Limited's US listing is the ordinary share itself; figures in this tool are translated at HKD 1 = $0.128 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in HKD.
Roma Green Finance Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state 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.
$
The assumptions
Revenue, delivered−7%/yr’22→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−103%
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, "Roma Green Finance Limited (ROMA), the owner's record," https://ownerscorecard.com/c/ROMA, data as of 2026-07-09.
Manual order: ← RNW its page in the Manual RSKD →
Industry order: ← RMR the Professional Services chapter RYOJ →