HeartCore Enterprises, Inc.

HTCR
About the company

HeartCore Enterprises, Inc. provides initial public offerings (IPO) consulting services in Japan, the United States, and internationally.

Country: United StatesPrice: $1.40Market Cap: $2.1M

Investment snapshot

29%positive consensus
Scored 1d ago

Positive

5

BUY / PASS

Neutral / negative

3 / 8

NEUTRAL / FAIL

Median fair value

$3.67

+162.1% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Buffett, Dreman, Marks +1 more object

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILBUYFAIL · Rank #2999 (Top 96.8%)PASSPASSNEUTRALNEUTRALFAILFAILPASSPASSFAILFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-6.9%N/A+74.5%N/AN/AN/AN/A+61.9%N/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-31

Score computed: 2026-11-14

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-31

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-13

Score computed: 2026-11-14

TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-13

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Buffett, Dreman, Marks +1 more object

    LT Debt vs Net Current AssetsLT Debt $0.4M vs NCA $3.1M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.06, IC: -314.7x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.06
    ✓Lynch< 0.33
    Cash - Long-term Debt$1.5M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change3.57% -> 3.43%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.17
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.06
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.06
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-314.7x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.06
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0568; #1050/4210 (top 24.9%)
    ✓AsnessTop 30% of eligible cross-section
  • Valuation models67% pass✓ 2✗ 1▾

    Models split on HTCR at $1.40 — fair values range $1.31–$5.50

    Graham fair value$1.31
    ✗Graham-6.9% margin vs $1.40
    Lynch fair value$5.50
    ✓Lynch+74.5% margin vs $1.40
    Pabrai fair value$3.67
    ✓Pabrai+61.9% margin vs $1.40

Where It Falls Short

  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio1.17
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-29.8%
    ✗Buffett> 10%
    ROIC - WACC-39.8%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-216.5%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.27 -> 1.58
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY2.18x -> 0.69x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.17
    ✗Dreman> 1.5
    Return on Invested Capital-26.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-44.5%; FY2024: ROIC=-2.5%; FY2025: ROIC=-26.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC-11.4% (RR=43% x ROIC=-26.6%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -26.6%)
    ✗SleepROIC > 12% in a majority of years
  • Cash Flow10% pass✓ 1✗ 11▾

    9 of 10 flag HTCR's cash flow — Buffett, Lynch, Piotroski +6 more

    Free Cash Flow Proxy$-0.8M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-4.8M
    ✗LynchPositive and growing
    Operating Cash Flow$-3.1M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-23.86%, ROA=44.36%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=6.4x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/5 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency2/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability19% pass✓ 12✗ 23▾

    13 of 16 flag HTCR's profitability — Graham, Buffett, Greenblatt +10 more

    Positive EPS (10 years)2/7 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-46.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-34.8% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-0.8M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)0.07
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR85.6%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE79.4%
    ✓Lynch> 15%
    EBIT / Enterprise Value-491.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-491.5%, ROC=-216.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets44.36%
    ✓PiotroskiROA > 0
    ROA Change YoY-10.61% -> 44.36% (delta: +54.97%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-23.86%, ROA=44.36%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY48.4% -> 35.1%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-75.7%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity79.4%
    ✓Dreman> 12%
    Margin of SafetyP/E=6.4x, P/B=4.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-15.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-56.2%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity79.4%
    ✓Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-18.9% (2023) -> -34.8% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 36.9% -> 35.1%, operating margin -18.9% -> -34.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+183.13%; #68/6340 (top 1.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+22.84%; #1862/3702 (top 50.3%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+79.38%; #116/5226 (top 2.2%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.3208; #4643/5884 (top 78.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR85.6% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth25% pass✓ 6✗ 7▾

    6 of 8 flag HTCR's growth — Graham, Dreman, Marks +3 more

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)0.07
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR85.6%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.01 (2020) -> $0.22 (2025)
    ✓DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth39.2%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 36.9% -> 35.1%, operating margin -18.9% -> -34.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-0.1%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR85.6% over 5 years
    ✗Neff7%-20% annualized
  • Verdicts36% pass✓ 5✗ 9▾

    Split decision: 8 FAIL · 4 PASS · 3 NEUTRAL · 1 BUY

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✓LynchBUY (6/7)✗GreenblattRank #2999✓PiotroskiPASS (F-Score 4)✓DremanPASS (5/11)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1068/2370 (Top 45.1%))✗NeffFAIL (3/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation38% pass✓ 12✗ 16▾

    8 of 13 flag HTCR's valuation — Graham, Greenblatt, Dreman +5 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio4.1x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)0.07
    ✓Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-491.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-491.5%, ROC=-216.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS6.4x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share4.1x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=6.4x, OE Yield=16.4%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=6.4x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=6.4x, P/B=4.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($1.40)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+183.13%; #68/6340 (top 1.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+2.3071; #594/6449 (top 9.2%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS6.4x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E14.90
    ✓Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share4.40x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+3.0506; #799/5247 (top 15.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-58.82%; #5364/6202 (top 86.5%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($2.1M)
Revenue: $9.0M-70.5% YoY
Net Income: $5.8M+491.1% YoY

Financial Snapshot

Operating Margin-34.8%
Return on Equity66.0%
Debt / Equity0.06
Current Ratio1.58
EPS (Diluted)$0.22
Shares Retired−15.2% / −21.9% 2y

Shareholder Return

Fiscal 2025

Issued 15.2% of shares last year, 21.9% issued over two.

Buybacks
—
Dividends
$3.3M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-06-30

2025-07-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: depreciation amortization, revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-31
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-04-09
FY 2022
Sources
  • 10-K · 2023-03-31
FY 2021
Sources
  • 10-K · 2022-03-31
Market Cap$2.1Mcurrent----$133.8Mest.$571.3Mest.$174.9Mest.$334.3Mest.$591.4Mest.
Revenue$6.5M$321.4K↓93%$1.2M↓65%$9.0M↓71%$30.4M↑39%$21.8M↑148%$8.8M↓19%$10.8M
Operating Income-$3.6M↓425%-$824.0K↓867%-$1.5M↓24%-$3.1M↓1830%-$161.7K↑96%-$4.1M↑38%-$6.7M↓11446%$59.0K
Net Income$3.9M↑2212%-$2.0M↓284%-$1.9M↑39%$5.8M↑491%-$1.5M↑65%-$4.2M↑37%-$6.7M↓1875%-$338.2K
EPS (Diluted)--$-1.45↓3725%$-1.49↓964%$0.22↑414%$-0.07↑67%$-0.21↑43%$-0.37↓1750%$-0.02
Gross Margin31.3%-21.8%↓147%5.9%↓81%35.1%↓27%48.4%↑31%36.9%↓3%38.0%↓21%47.9%
Operating Margin-56.2%-256.4%↓11418%-123.7%↓256%-34.8%↓6444%-0.5%↑97%-18.9%↑75%-75.9%↓14024%0.5%
ROE79.4%↑2188%——66.0%↑307%-31.8%↑61%-81.1%↑42%-138.9%↓330%60.5%
Total Debt----$486.6K↓68%$499.0K↓8%$545.1K↓75%$2.1M↑18%$1.8M↓33%$2.7M
Shareholders' Equity$4.9M↑1%$4.9M↑1%$6.9M↑273%$8.8M↑89%$4.7M↓10%$5.2M↑7%$4.8M↑960%-$559.0K
Current Ratio1.17↓7%1.17↓7%1.17↑29%1.58↑24%1.27↑50%0.84↓64%2.34↑131%1.01
Debt / Equity——0.07↓92%0.06↓51%0.12↓72%0.41↑9%0.38↑108%-4.87
Operating Cash Flow---$1.3M↓97%-$1.2M↑42%-$3.1M↑35%-$4.8M↓10%-$4.3M↑10%-$4.8M↓728%$766.3K
Free Cash Flow---$1.3M-$1.2M---$4.8M↑2%-$4.9M-$4.9M↓766%$730.1K

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

HTCR vs Peers — Financial Grading

Revenue$9.0MBottom 25%
Net Income$5.8MMedian
ROE66.0%Median
D/E0.06Top 25%
Op. Margin-34.8%Bottom 25%
Curr. Ratio1.58Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11