MeritValue

AlTi Global, Inc.

ALTIdata completeness 100%5 fiscal years on file
The thesis, from the filings

AlTi Global, Inc. earns about -13% on invested capital, but has diluted owners by 1435613% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$75.7M1$76.9M2$221.1M3$198.4M3$255M3
Net income$3.94M4−$5.89M5−$165.6M6−$103M6−$119.7M6
Operating cash flow$18.9M7$6.86M8−$81.7M8−$50.7M8−$51.4M9
Capital expenditure$2,00010$156,00011$334,00012$7.56M12$806,00012
Free cash flow (derived)$18.9M7$6.7M8−$82M8−$58.2M8−$52.2M9
Total debt—$21.2M13$186.4M14$015$883,00015
Cash & equivalents$8.04M16$7.13M17$15.3M18$64.4M18$41.2M18
Diluted shares6,9567,007115.8M79.7M99.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$60.09
your share of equity
Profit it earned you last year
−$11.99
Free cash flow it threw off
−$5.23
Debt you’d be carrying
$0.09

10 shares is a claim on $60.09 of net worth that earned you −$11.99 and generated −$5.23 of cash last year, against $0.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-13% avg · 5y
FY21 —FY22 -14%FY23 -6%FY24 -16%FY25 -15%

It earned an average -13% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1435613% shares · 5y

Share count is up 1435613% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 96% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-012642 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-013180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-022450 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-012642 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-013180 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-022450 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-012642 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-013180 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-12-31 · accession 0001628280-26-022450 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-012642 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-013180 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-022450 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001628280-24-012642 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-013180 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-022450 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001628280-24-012642 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001628280-25-013180 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-26-022450 (CashAndCashEquivalentsAtCarryingValue)