HeartCore Enterprises, Inc.
HTCRAbout the company
HeartCore Enterprises, Inc. provides initial public offerings (IPO) consulting services in Japan, the United States, and internationally.
Investment snapshot
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
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The 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. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked 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.
| Metric | Graham 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | BUY | FAIL · Rank #2999 (Top 96.8%) | PASS | PASS | NEUTRAL | NEUTRAL | FAIL | FAIL | PASS | PASS | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Margin of Safety | -6.9% | N/A | +74.5% | N/A | N/A | N/A | N/A | +61.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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 AssetsDebt/Equity & Interest CoverageD/E: 0.06, IC: -314.7x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.06✓Lynch< 0.33Cash - Long-term Debt$1.5M✓LynchPositive preferredLT Debt / Total Assets Change3.57% -> 3.43%✓PiotroskiDecreased YoYCurrent 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 < 1.00xDebt Levels0.06✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-314.7x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.06✓Ackman<= 1.0Negative 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 $1.40Lynch fair value$5.50✓Lynch+74.5% margin vs $1.40Pabrai fair value$3.67✓Pabrai+61.9% margin vs $1.40
Where It Falls Short
- Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio1.17✗Graham>= 2.0ROIC (3-5 yr avg)-29.8%✗Buffett> 10%ROIC - WACC-39.8%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-216.5%✗Greenblatt> 25%Current Ratio Change YoY1.27 -> 1.58✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY2.18x -> 0.69x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.17✗Dreman> 1.5Return on Invested Capital-26.6%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-44.5%; FY2024: ROIC=-2.5%; FY2025: ROIC=-26.6%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC-11.4% (RR=43% x ROIC=-26.6%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -26.6%)✗SleepROIC > 12% in a majority of years - Cash Flow10% pass✓ 1✗ 11▾
9 of 10 flag HTCR's cash flow — Buffett, Lynch, Piotroski +6 more
Free Cash Flow Proxy$-0.8M✗BuffettPositive and growingFCF Positive and Growing$-4.8M✗LynchPositive and growingOperating Cash Flow$-3.1M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-23.86%, ROA=44.36%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/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<= 25Positive Operating Cash Flow frequency2/6 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization✗OshaughnessyTop 10% of eligible cross-section - Profitability19% pass✓ 12✗ 23▾
13 of 16 flag HTCR's profitability — Graham, Buffett, Greenblatt +10 more
Positive EPS (10 years)2/7 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)2/7 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-46.5%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-34.8% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-0.8M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic 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 passROE79.4%✓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 > 0ROA 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 > ROAGross Margin Change YoY48.4% -> 35.1%✗PiotroskiImproved YoYPre-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 < 15Return on Equity-15.7% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency2/6 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating 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 yearsRevenue 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 holdingNet income / market capitalization+183.13%; #68/6340 (top 1.1%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+22.84%; #1862/3702 (top 50.3%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+79.38%; #116/5226 (top 2.2%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.3208; #4643/5884 (top 78.9%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR85.6% over 5 years✗Neff7%-20% annualizedPositive 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% growthBasic 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 passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$0.01 (2020) -> $0.22 (2025)✓DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency2/6 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth39.2%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-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 holding5-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<= 15xPrice-to-Book Ratio4.1x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic 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< 8xPrice / 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 < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share✗Ackman<= 25Price 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-sectionPositive book equity / market capitalization+2.3071; #594/6449 (top 9.2%)✓AsnessTop 30% of eligible cross-sectionPrice / 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-sectionTrailing 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
Financial Snapshot
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.
| Metric | TTM · 2026-06-30 2025-07-01 – 2026-06-30 Sources · derived quarter valuesDerived 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 valuesDerived from cumulative filings: operating cash flow, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|
| 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 Margin | 31.3% | -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% |
| ROE | 79.4%↑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 Ratio | 1.17↓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
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUTOMATIC DATA PROCESSING INCADP | $122.3B | $309.93 | $21.9B | $4.4B | 73.2% | 0.82 | 24.2% | 1.05 | 4/9 | 5/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| ELECTRONIC ARTS INC.EA | $52.9B | $209.70 | $7.5B | $887.0M | 13.1% | 0.22 | 15.4% | 1.05 | 1/9 | 4/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| Rubrik, Inc.RBRK | $22.6B | $109.88 | $1.3B | $348.8M | 67.1% | — | -26.2% | 1.69 | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |
| AECOMACM | $9.1B | $70.50 | $16.1B | $561.8M | 22.5% | 1.09 | 6.4% | 1.14 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 8 | 2/11 |
| COMMVAULT SYSTEMS INCCVLT | $6.2B | $152.07 | $1.2B | $70.7M | 942.8% | — | 6.3% | 1.95 | 1/9 | 2/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| WPP plcWPP | $6.0B | $27.79 | $18.2B | $289.5M | -8.5% | 1.94 | 2.8% | 0.89 | 1/9 | 2/9 | 1/7 | 0/3 | F-Score 3 | 2/11 |
| VARONIS SYSTEMS INCVRNS | $5.6B | $48.94 | $623.5M | $129.3M | -21.6% | 0.76 | -23.5% | 1.97 | 1/9 | 0/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| ROBERT HALF INC.RHI | $4.3B | $42.00 | $5.4B | $133.0M | 10.4% | — | 1.4% | 1.53 | 2/9 | 5/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |