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First America Resources Corporation

MEGR · Industrials · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

70

2024–2025 (latest 2 aligned FYs; v3 window cap 5): revenue $16.2M to $18.8M, increasing; diluted EPS 0.00 to 0.00, flat. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%. Two-year history is scoreable but carries less confidence than a full-cycle record.

93

Median gross margin 55.6% over 2y, very stable.

—

Not enough years of ROIC data to score returns on capital.

28

Net debt/EBITDA n/ax, interest coverage -1x.

19

Owner earnings changed -59.6%/yr over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
$148152
$0.02
$0.02
Unavailable — no recent price
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 265% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Nov 4, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, UCFI, DAL, GWW, ISRG, MPWR

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

16 years of fundamentals

The business, in plain English

First America Resources Corporation booked $18.8M of revenue in FY2025 in the Industrials sector and kept 55.1% of it as gross profit — a high-margin business by that measure. After every other cost, 0.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $6966 (FY2012) to $18.8M (FY2025) — about 83.6% a year compounded over 13 years.

MEGR's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2010–FY2025 · 16 fiscal years, normalized from MEGR’s SEC filings

Sales, as filed$18.8M FY2025
$0$10M$20M2010201520202025
Revenue kept after cost of goods55.1% FY2025
0%25%50%2010201520202025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$85192 FY2025
$0$100000$2000002010201520202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How First America Resources Corporation makes its money

First America Resources Corporation's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$18.8M100%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Cost of revenue$8.4M45%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
$10.3M55%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
−$186808−1%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
$27650%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
· event Dec 31, 2025 · retrieved Nov 4, 2026 · annual-row source set

Flagship explainer

What First America Resources Corporation owns — and owes

First America Resources Corporation's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$6.7M100%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Cash and equivalents$2768554%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Stockholders’ equity−$1.6M−24%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
· event Dec 31, 2025 · retrieved Nov 4, 2026 · annual-row source set

Flagship explainer

What drives First America Resources Corporation’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$2765FY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Income before taxUnavailableFY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Operating income−$186808FY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Revenue$18.8MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Ending assets$6.7MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Beginning assets$6.9MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001477932-24-006019 · filed Sep 30, 2024
  • 10-K · FY 2024Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Ending equity−$1.6MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Beginning equity−$1.6MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001477932-24-006019 · filed Sep 30, 2024
  • 10-K · FY 2024Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Source: · event Dec 31, 2025 · retrieved Nov 4, 2026 · annual-row source set

Flagship explainer

Where First America Resources Corporation's cash went

First America Resources Corporation’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$79517100%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Depreciation and amortization$85156107%
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001477932-26-001906 · filed Apr 1, 2026
· event Dec 31, 2025 · retrieved Nov 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding First America Resources Corporation

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Nov 4, 2026

Flagship explainer

What First America Resources Corporation insiders reported

The complete Form 4 source snapshot retrieved on Nov 4, 2026 contains no transaction rows.

Verified empty: the retrieved source snapshot contains no transaction event.

Source snapshot retrieved 2026-11-04T07:00:04.070Z · SEC Form 4

Moat Score history

1 logged reading since Nov 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.5 / 100
0406080100WideNarrowShallowNo moatNov 4, 2026

Score history begins Nov 4, 2026 — the record builds forward from here.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — MEGR has read Shallow moat for every logged capture since Nov 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

No reported Form 4 transactions were found in the complete checked issuer window for MEGR, –. The totals and cluster result below are arithmetic over that certified window.

$0
P purchases minus S sales only, Nov 4, 2025–Nov 4, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.

Transaction-code histogram

Supporting event counts for the same certified window, Nov 4, 2025–Nov 4, 2026.

P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0

Retrieved .

Industrials context

#157 of 448 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #155ARCB ARCBEST CORPORATION52.8Shallow moat
  2. #156DE DEERE & CO52.5Shallow moat
  3. #158EDUC EDUCATIONAL DEVELOPMENT CORPORATION52.4Shallow moat
  4. #159UAL United Airlines Holdings, Inc.52.1Shallow moat

Compare MEGR with its nearest peers →All Industrials companies on the Index →

Common questions about MEGR

Does First America Resources Corporation have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores First America Resources Corporation (MEGR) 52.5 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 70, pricing power 93, returns on capital not measurable from the filings, balance-sheet safety 28, capital allocation 19.
How has MEGR's Moat Score changed over time?
The record logs 1 reading since Nov 4, 2026; the latest reads 52.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MEGR. See the disclaimer.