I agree for the most part. However, most investors do not share the same viewpoint. They want to see a company with growing net income before they invest.
And why would any company want a lot of net income? More income taxes to pay to the government taking away cash that could go to growth and expansion. Most companies work to use their income towards capital expenditures and shoot for $0 net income. Or just over $0 to consistently show they’re profitable. Like AMFE. You can tell they have good financial planning and are on top of their finances since their income is always so consistent quarter over quarter.
Truth. Also, most small businesses look at ways to sites on infrastructure to avoid paying out in taxes, at least in the US. As long as they are growing, I'd rather they be putting the copital to work. I'd be questioning why they were booking such high net profit instead of putting it to work if it were the case.