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PN, Skycorp Solar Group Limited
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.
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 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.
- 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 |
| $9M | $7M | $6M | $6M | Gross profitGross prof. |
| 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 |
| — | $539K | $832K | $832K | Net PP&ENet PP&E |
| — | $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 |
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Can it pay its interest? -12.3×Does not cover its interestOperating 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.
- Net cash, debt-freeCash $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.
- TightDSO 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?
- Not enough dataIndustry peers: median 1%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range 0%–4%; latest $2M = operating cash $3M − maintenance capex $465KIndustry 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.
- Loss, but cash-generativeNet income ($2M) · cash from operations $3M
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.23×ExpandingCapex $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 MissRevenue ≥ $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 NearCurrent 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.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Sep 30, 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.
- Cash & short-term investments$9M
- Receivables$9M
- Inventory$4M
- Other current assets$12M
- Accounts payable$4M
- Other current liabilities$17M
From the company's latest filing.
Peers, Electronic Components & Instruments
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 |
|---|---|---|---|---|---|
| CLMBClimb Global Solutions Inc. | $653M | 16% | 4.6% | 26% | 1%4y |
| MLABMesa Laboratories Inc. | $249M | 60% | 6.8% | 1% | 19% |
| NNDMNano Dimension Ltd. | $102M | 43% | -155.1% | -14% | -70% |
| PNSkycorp Solar Group Limited | $63M | 13% | 2.2% | -5%2y | 3% |
| FEIMFrequency Electronics Inc. | $63M | 26% | -8.6% | -6% | 2% |
| MPTIM-tron Industries Inc. | $54M | — | 10.4% | 19% | 9% |
| ELTKEltek Ltd. | $52M | 19% | 5.1% | 11% | 5% |
| OPTXSyntec Optics Holdings Inc. | $28M | 23% | -1.9% | -3% | 1% |
| Group median | — | 23% | 3.4% | -1% | 2% |
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. 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.
—
9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 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 (4.65%, as of Aug 19, 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.
Manual order: ← PMEC its page in the Manual POET →
Industry order: ← PLXS the Electronic Components & Instruments chapter RAL →