Share count
52Mpeak FY2025
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YDDL, One and One Green Technologies. Inc
Trading Companies & Distributors capital-intensive
We provide economical and flexible solutions to the challenges of electronic waste, metal scrap and industrial recycling.
We primarily engage in recycling, production and trading of recycled scrap metals in the Philippines.
We process raw materials and generate final products that include copper alloy ingot, aluminum scrapes, plastic beads, and others.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$66M
+23.1% YoY
Vital signs · TTM, with 3-yr average
Revenue $66M 3-yr avg $54M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Copper alloy ingots (68%), Aluminium alloy (30%) and Brass alloy ingots (2%).
- What moves the needle
- Gross margin has run about 22% and operating margin about 18% through the cycle, a thin spread, but one where almost nothing separates the gross and operating lines — the mark of cost-plus or fixed-price program work, so the contract structure and the order book set the result more than unit volume against a price. That margin has held in a narrow 15%–18% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. 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 33%, 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 4% of revenue reaches owners as cash, consistently. 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.
Where the money comes from
read the 20-F →Copper alloy ingots is 68% of revenue, with Aluminium alloy the other meaningful line at 30%.
Revenue by product line, FY2025
- Copper alloy ingots68%$45M
- Aluminium alloy30%$20M
- Brass alloy ingots2%$994K
- Slag0%$10K
By geographyChina100%Philippines0%
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 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $41M | $53M | $66M | $66M | RevenueRevenue |
| 22% | 20% | 24% | 24% | Gross marginGross mgn |
| $7M | $8M | $12M | $12M | Operating incomeOp. inc. |
| 17.6% | 15.1% | 18.0% | 18.0% | Operating marginOp. mgn |
| $6M | $6M | $12M | $12M | Net incomeNet inc. |
| 24% | 23% | 3% | 3% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $4M | $2M | ($10M) | ($10M) | Operating cash flowOp. cash |
| $687K | $899K | $907K | $907K | DepreciationDeprec. |
| ($2M) | ($5M) | ($22M) | ($22M) | Working capital & otherWC & other |
| $4M | $12K | $30K | $30K | CapexCapex |
| 9.3% | 0.0% | 0.0% | 0.0% | Capex / revenueCapex/rev |
| $3M | $2M | ($10M) | ($10M) | Owner earningsOwner earn. |
| 8.2% | 3.7% | −14.8% | −14.8% | Owner earnings marginOE mgn |
| $225K | $2M | ($10M) | ($10M) | Free cash flowFCF |
| 0.5% | 3.7% | −14.8% | −14.8% | Free cash flow marginFCF mgn |
| 37% | 33% | 28% | 28% | ROICROIC |
| 37% | 31% | 28% | 28% | Return on equityROE |
| 37% | 31% | 28% | 28% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $2M | $957K | $957K | Cash & investmentsCash+inv |
| — | $17M | $27M | $27M | ReceivablesReceiv. |
| — | $5M | $7M | $7M | InventoryInvent. |
| — | $6M | $2M | $2M | Accounts payablePayables |
| — | $17M | $32M | $32M | Operating working capitalOper. WC |
| — | $25M | $39M | $39M | Current assetsCur. assets |
| — | $16M | $11M | $11M | Current liabilitiesCur. liab. |
| — | 1.6× | 3.6× | 3.6× | Current ratioCurr. ratio |
| — | $37M | $56M | $56M | Total assetsAssets |
| — | ($2M) | ($957K) | ($957K) | Net debt / (cash)Net debt |
| — | 16141.2× | 1837.4× | 1837.4× | Interest coverageInt. cov. |
| $15M | $21M | $42M | $42M | Shareholders’ equityEquity |
| Per share | ||||
| 52.0M | 52.0M | 52.4M | 52.4M | Shares out (diluted)Shares |
| $0.79 | $1.03 | $1.26 | $1.26 | Revenue / shareRev/sh |
| $0.11 | $0.12 | $0.23 | $0.23 | EPS (diluted)EPS |
| $0.06 | $0.04 | $-0.19 | $-0.19 | Owner earnings / shareOE/sh |
| $0.00 | $0.04 | $-0.19 | $-0.19 | Free cash flow / shareFCF/sh |
| $0.07 | $0.00 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $0.29 | $0.40 | $0.80 | $0.80 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
28%low FY2025
Gross margin
24%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.
($10M)owner earningsvs.$12Mnet incomelow FY2025
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 $12M of profit but ($10M) of owner earnings: $22M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $12M | $6M | $6M |
| Depreciation & amortizationnon-cash charge added back | +$907K | +$899K | +$687K |
| Working capital & othertiming of cash in and out, other non-cash items | −$22M | −$5M | −$2M |
| Cash from operations | ($10M) | $2M | $4M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$30K | −$12K | −$687K |
| Owner earnings | ($10M) | $2M | $3M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −$3M |
| Free cash flow | ($10M) | $2M | $225K |
| Owner-earnings marginowner earnings ÷ revenue | -15% | 4% | 8% |
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.
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? 1837.4×ComfortableOperating income $12M ÷ interest expense $6K
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 $957K − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $957K, 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.
- Long (60+ days)DSO 148 + DIO 53 − DPO 12 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?
- 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 -15%–8%; latest ($10M) = operating cash ($10M) − maintenance capex $30KIndustry peers: median 3%
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 -15% of revenue this year, a 4% median across 3 years.
- Are earnings backed by cash? -0.82×Thinly cash-backedCash from ops ($10M) ÷ net income $12M
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? 0.03×HarvestingCapex $30K ÷ depreciation $907K
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 · $66M
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× · 3.57×
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 $0.15/share (latest year $0.23), the averaged base the calculator's gate runs on, and book value is $0.80/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 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$39M
- Cash & short-term investments$957K
- Receivables$27M
- Inventory$7M
- Other current assets$4M
Current liabilities$11M
- Accounts payable$2M
- Other current liabilities$9M
Current ratio3.57×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.91×stricter: inventory excluded
Cash ratio0.09×strictest: cash alone against what's due
Working capital$28Mthe cushion left after near-term bills
Cash runway0.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$42Mequity stripped of goodwill & intangibles
Net current asset value$25MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$642K$642K of it operating leases
From the company's latest filing.
Peers, Trading Companies & Distributors
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 |
|---|---|---|---|---|---|
| POOLPool Corporation | $5.3B | 29% | 11.3% | 29% | 7% |
| SCSCScanSource | $3.0B | 12% | 2.8% | 8% | 2% |
| BXCBluelinx Holdings Inc. | $3.0B | 15% | 2.2% | 11% | 2% |
| DSGRDistribution Solutions Group Inc. | $2.0B | 35% | 2.9% | 6% | 3% |
| GICGlobal Industrial Company | $1.4B | 34% | 7.0% | 38% | 5% |
| FSTRL.B. Foster Company | $540M | 20% | 3.9% | 3% | 4% |
| ASPNAspen Aerogels Inc. | $271M | 17% | -21.1% | -22% | -11% |
| YDDLOne and One Green Technologies. Inc | $66M | 22% | 17.6% | 33% | 4% |
| Group median | — | 21% | 3.4% | 9% | 3% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. One and One Green Technologies. Inc 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.
One and One Green Technologies. Inc 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.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−15%
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, "One and One Green Technologies. Inc (YDDL), the owner's record," https://ownerscorecard.com/c/YDDL, data as of 2026-07-09.
Manual order: ← YB its page in the Manual YI →
Industry order: ← WSO the Trading Companies & Distributors chapter ZKH →