MeritValue

TRAFALGAR INTERNATIONAL, INC.

GCANdata completeness 50%11 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$12,6301————
Net income−$602,2262−$360,2683−$188,4024−$179,0415−$331,6125
Operating cash flow−$235,4336−$107,4907−$103,1718−$109,4919−$60,1539
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$377,52010$270,03011$166,85911——
Diluted shares489.5M587.8M755.2M536,622824,984

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
−$8.99
your share of equity
Profit it earned you last year
−$4.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$8.99 of net worth that earned you −$4.02 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001493152-23-012132 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-012132 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-012098 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-008461 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-014210 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-012132 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-012098 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-008461 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014210 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-012132 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-012098 (CashAndCashEquivalentsAtCarryingValue)