AMTD Digital Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

AMTD Digital Inc. trades at $1.7, between stages. That is +5.0% against its own 200-day average. It sits at 22% of a 52-week range of $1 to $3. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (13 weeks and counting).

Today the stock is between stages. At $1.7 it trades +5.0% versus its 200-day average and sits at 22% of its 52-week range ($1–$3).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved −4% while the S&P 500 moved +24% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (13 weeks and counting; last ahead the week of 2026-05-08) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

AMTD Digital Inc. trades at 9.6× P/E, against too little history to rank. Its long-run median P/E is 2.8×, measured across 0.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 9.6× is against too little history to rank, against a long-run median of 2.8× measured over 0.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +54.4% against a +1.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

AMTD Digital Inc. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — AMTD Digital Inc. is not among the largest members shown in this industry comparison for Software - Application.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

AMTD Digital Inc. reported $0.1 B of revenue in the Apr 25 quarter, +60.0% year on year. Over 4 years it has compounded at 31.6% a year. The last full year, FY24, came in at $0.1 B. The last four reported quarters add to $0.2 B.

FY24 revenue came in at $0.1 B (+50.0% on the year), capping 4 years at 31.6% compound. The latest quarter (Apr 25) printed $0.1 B, +60.0% year on year.

Pace check: the last four quarters averaged +69.2% growth against the decade's 31.6% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for AMTD Digital Inc. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for AMTD Digital Inc..

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

AMTD Digital Inc. earned $0.1 B of net profit in the Apr 25 quarter, +66.7% year on year. Full-year FY24 profit was $0.1 B. The 4-year compound rate is 36.8%. That is 62.5% of the quarter's revenue. The same quarter a year earlier earned $0.0 B.

Apr 25 profit was $0.1 B, +66.7% year on year. On the full year, FY24 printed $0.1 B (+75.0%), and the 4-year compound rate is 36.8%.

Pace comparison, last four quarters: profit +79.2% vs revenue +69.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 44% of AMTD Digital Inc.'s reported profit arrived as operating cash — a gap worth watching. In FY23 that was $0.0 B of operating cash against $0.0 B of profit. After $0.0 B of capital spending, $0.0 B was left as free cash.

FY23: operating cash of $0.0 B against reported profit of $0.0 B, leaving free cash of $0.0 B after $0.0 B of capital spending. Across the last 3 fiscal years the conversion rate is 44% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

AMTD Digital Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Averaged over those years that is 0.0% of FY24 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

AMTD Digital Inc. earns a ROE of 12% in FY23. That is up from a trough of 5% in FY21. Return on invested capital clears the cost of that capital by −1.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 66.7% net margin on 0.13× asset turns.

FY23 ROE is 12%, recovered from a FY21 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY23): 66.7% net margin × 0.13× asset turns × 1.41× balance-sheet leverage ≈ 12.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 10.5% − 11.5% = a −1.0 pp spread. The 11.5% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Dividend

AMTD Digital Inc. pays no dividend. Across the last 7 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

AMTD Digital Inc. does not currently pay a dividend. Across the last 7 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Debt-to-equity is 0.43 at the latest reading — modestly levered; a full borrowings history is not in our numbers.

We hold only the latest reading here: a debt-to-equity of 0.43 — a modest level of leverage behind the returns above. A year-by-year borrowings ladder is not in our numbers for this stock, so we say that rather than draw a chart we cannot support.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

No ownership or positioning reading is held for AMTD Digital Inc., so this section names the gap rather than filling it. At typical trading volumes those positions would take about 6.6 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

We hold no ownership or positioning reading for this stock, so this section says that plainly.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

AMTD Digital Inc.: the Z-score reads 2.00. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.00 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.00.

Frequently asked questions