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ONEG, OneConstruction Group Limited
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.
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 6.1% and operating margin about 3.3% 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 −26% to 4.0% over the years, so the cost line is where the needle moves. 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 47%, above 15% in 2 of 3 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. Owner earnings, the cash-based check, have been thin too. 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, 2023–2026
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $54M | $63M | $53M | $49M | $49M | RevenueRevenue |
| $3M | $4M | $4M | ($7M) | ($7M) | Gross profitGross prof. |
| 5% | 7% | 7% | −14% | −14% | Gross marginGross mgn |
| $2M | $2M | $2M | ($13M) | ($13M) | Operating incomeOp. inc. |
| 4.0% | 3.5% | 3.2% | −25.6% | −25.6% | Operating marginOp. mgn |
| $2M | $2M | $898K | $13M | $13M | Net incomeNet inc. |
| 18% | 7% | 21% | 1% | 1% | Effective tax rateTax rate |
| Cash flow & returns | |||||
| ($2M) | ($7M) | ($5M) | $2M | $2M | Operating cash flowOp. cash |
| $2K | $3K | $4K | $59K | $59K | DepreciationDeprec. |
| ($3M) | ($9M) | ($6M) | ($11M) | ($11M) | Working capital & otherWC & other |
| $6K | $7K | $3K | $490K | $490K | CapexCapex |
| 0.0% | 0.0% | 0.0% | 1.0% | 1.0% | Capex / revenueCapex/rev |
| ($2M) | ($7M) | ($5M) | $1M | $1M | Owner earningsOwner earn. |
| −3.3% | −11.0% | −9.6% | 2.6% | 2.6% | Owner earnings marginOE mgn |
| ($2M) | ($7M) | ($5M) | $1M | $1M | Free cash flowFCF |
| −3.3% | −11.0% | −9.6% | 2.6% | 2.6% | Free cash flow marginFCF mgn |
| 47% | 51% | 12% | — | — | ROICROIC |
| 44% | 31% | 7% | 4668% | 4668% | Return on equityROE |
| 44% | 31% | 7% | n/m | n/m | Retained to equityRetained/eq |
| Balance sheet | |||||
| — | $2M | $749K | $2M | $2M | Cash & investmentsCash+inv |
| — | $27M | $23M | — | $17M | ReceivablesReceiv. |
| — | $233K | — | — | $233K | InventoryInvent. |
| — | $6M | $10M | $9M | $9M | Accounts payablePayables |
| — | $20M | $13M | — | $7M | Operating working capitalOper. WC |
| — | $43M | $49M | $36M | $36M | Current assetsCur. assets |
| — | $38M | $16M | $14M | $14M | Current liabilitiesCur. liab. |
| — | 1.1× | 3.1× | 2.5× | 2.5× | Current ratioCurr. ratio |
| — | $13K | $11K | $414K | $414K | Net PP&ENet PP&E |
| — | $44M | $50M | $37M | $37M | Total assetsAssets |
| — | ($2M) | ($749K) | ($2M) | ($2M) | Net debt / (cash)Net debt |
| 13.0× | 7.2× | — | — | -40.5× | Interest coverageInt. cov. |
| $4M | $6M | $12M | $283K | $283K | Shareholders’ equityEquity |
| Per share | |||||
| 11.3M | 11.3M | 11.7M | 15.7M | 16.0M | Shares out (diluted)Shares |
| $4.84 | $5.64 | $4.55 | $3.14 | $3.08 | Revenue / shareRev/sh |
| $0.15 | $0.16 | $0.08 | $0.84 | $0.83 | EPS (diluted)EPS |
| $-0.16 | $-0.62 | $-0.44 | $0.08 | $0.08 | Owner earnings / shareOE/sh |
| $-0.16 | $-0.62 | $-0.44 | $0.08 | $0.08 | Free cash flow / shareFCF/sh |
| $0.00 | $0.00 | $0.00 | $0.03 | $0.03 | Cap. spending / shareCapex/sh |
| $0.34 | $0.50 | $1.04 | $0.02 | $0.02 | Book value / shareBVPS |
| 3-yr | 5-yr | |
|---|---|---|
| Revenue / share | −13.5%/yr | −13.5%/yr (3-yr) |
| EPS | +78.2%/yr | +78.2%/yr (3-yr) |
| Capital spending / share | +288.1%/yr | +288.1%/yr (3-yr) |
| Book value / share | −62.5%/yr | −62.5%/yr (3-yr) |
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 2026 the business reported $13M of profit but $1M of owner earnings: $12M less than the profit line, taken out by capital spending and the timing of cash.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Reported net income | $13M | $898K | $2M | $2M |
| Depreciation & amortizationnon-cash charge added back | +$59K | +$4K | +$3K | +$2K |
| Working capital & othertiming of cash in and out, other non-cash items | −$11M | −$6M | −$9M | −$3M |
| Cash from operations | $2M | ($5M) | ($7M) | ($2M) |
| Capital expenditurecash put back in to keep running and to grow | −$490K | −$3K | −$7K | −$6K |
| Owner earnings | $1M | ($5M) | ($7M) | ($2M) |
| Owner-earnings marginowner earnings ÷ revenue | 3% | -10% | -11% | -3% |
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 2026'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
Will it survive?
- Can it pay its interest? -40.5×Does not cover its interestOperating income ($13M) ÷ interest expense $312K
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.
- 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.
- Long (60+ days)DSO 122 + DIO 2 − DPO 60 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 11%
What this means
The filing data didn't include the inputs for this check.
- Positive this year, negative across the cyclelatest $1M = operating cash $2M − maintenance capex $490K (positive this year), after an earlier loss stretch (4-yr median -6%)Industry peers: median 0%
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 3% of revenue this year, a -6% median across 4 years.
- Thinly cash-backedCash from ops $2M ÷ net income $13M
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 20% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
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? 8.31×ExpandingCapex $490K ÷ depreciation $59K
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 · $49M
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× · 2.54×
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 $0.33/share (latest year $0.83), the averaged base the calculator's gate runs on, and book value is $0.02/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, 2023–2026
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 4
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 4% → −11% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 4% early to −11% lately, median 3% — competition or costs are biting in.
- Worst year 2026 · −25.6% op. margin
What this means
Operations went underwater in 2026, understand why before trusting the good years.
- Share count +11.8%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2026Can 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.
- Cash & short-term investments$2M
- Receivables$17M
- Inventory$233K
- Other current assets$18M
- Accounts payable$9M
- Other current liabilities$5M
From the company's latest filing.
What an owner would ask, FY2026
read the 10-K →- How much of the revenue rides on one buyer?≈$5M · 10% of revenue on the largest customers (TTM)
“Concentration risk There were three, two and two customers from whom revenues individually represent greater than 10% of our total revenues for the fiscal years ended March 31, 2026, 2025 and 2024, respectively.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Homebuilders
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| HOVHovnanian Enterprises Inc. | $3.0B | — | 1.8% | 3% | 7% |
| BZHBeazer Homes USA Inc. | $2.4B | 17% | 3.9% | 5% | 3% |
| GRBKGreen Brick Partners Inc. | $2.0B | 26% | 15.8% | 15% | -0% |
| LGIHLGI Homes Inc. | $1.7B | 25% | 13.3% | 11% | -7%4y |
| SDHCSmith Douglas Homes Corp. | $971M | 26% | 2.4% | 33% | 2% |
| LEGHLegacy Housing Corporation | $165M | 44% | 31.3% | 12% | 0% |
| ONEGOneConstruction Group Limited | $49M | 6% | 3.3% | 47% | -6% |
| SPHLSpringview Holdings Ltd | as filed: S$8M | 21% | -1.4% | -12% | -9%2y |
| Group median | — | 25% | 3.6% | 12% | -0% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. OneConstruction Group Limited 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.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what OneConstruction Group Limited has delivered.
—
9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 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.
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.
Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 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 $1M on 16M shares outstanding, per the 20-F cover, as of 2026-03-31; net cash $2M. 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.
Manual order: ← OMSE its page in the Manual ONON →
Industry order: ← NVR the Homebuilders chapter PHM →