MeritValue

Trump Media & Technology Group Corp.

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

Trump Media & Technology Group Corp. earns about -44% on equity, but has diluted owners by 191% 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—$1.47M1$4.13M2$3.62M2$3.68M2
Net income−$1.95M3$50.5M4−$58.2M4−$400.9M4−$712.3M5
Operating cash flow−$1.14M6−$24.2M7−$9.73M8−$61M8$14.8M8
Capital expenditure—$84,5009$2,20010$5.03M10$573,50010
Free cash flow (derived)—−$24.3M7−$9.74M8−$66M8$14.2M8
Total debt——$011$4.78M11$1.89B12
Cash & equivalents$327,73113$98914$2.57M15$170.2M15$134.6M15
Diluted shares—87.5M87.5M169.6M254.5M

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
$64.69
your share of equity
Profit it earned you last year
−$27.99
Free cash flow it threw off
$0.56
Debt you’d be carrying
$74.42

10 shares is a claim on $64.69 of net worth that earned you −$27.99 and generated $0.56 of cash last year, against $74.42 of debt.

iii. Is this a good business?
Moat signal · return on equity
-44% avg · 5y
FY21 —FY22 —FY23 —FY24 -44%FY25 -43%

It earned an average -44% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+191% shares · 5y

Share count is up 191% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2022-12-31 · accession 0001140361-25-004822 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001140361-26-007174 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2021-12-31 · accession 0001193125-24-005202 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001140361-25-004822 (NetIncomeLoss)
  5. 10-K · period ending 2025-12-31 · accession 0001140361-26-007174 (ProfitLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001193125-24-005202 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001140361-25-004822 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001140361-26-007174 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001140361-25-004822 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001140361-26-007174 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001140361-25-004822 (LongTermDebtCurrent)
  12. 10-K · period ending 2025-12-31 · accession 0001140361-26-007174 (LongTermDebtNoncurrent)
  13. 10-K/A · period ending 2021-12-31 · accession 0001193125-24-005202 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001140361-24-017385 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001140361-26-007174 (CashAndCashEquivalentsAtCarryingValue)