MeritValue

T Stamp Inc

IDAIdata completeness 100%6 fiscal years on file
The thesis, from the filings

T Stamp Inc earns about -2210% on invested capital, and has bought back 17% of its shares over 5 years. 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$3.68M1$5.39M2$4.56M3$3.08M4$3.14M4
Net income−$9.06M5−$12.1M6−$7.64M7−$12.5M8−$8.33M8
Operating cash flow−$6.7M9−$6.34M10−$7.85M11−$8.92M12−$5.69M12
Capital expenditure$34,21713$30,84214$4,71015$14,66616$46,06916
Free cash flow (derived)−$6.74M9−$6.37M10−$7.86M11−$8.93M12−$5.73M12
Total debt$856,25817$886,46518$953,87719$4.01M20$1.13M20
Cash & equivalents$3.48M21$1.25M22$3.14M23$2.78M24$6.04M24
Diluted shares3.8M4.7M475,1711.1M3.1M

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
$28.04
your share of equity
Profit it earned you last year
−$26.75
Free cash flow it threw off
−$18.41
Debt you’d be carrying
$3.62

10 shares is a claim on $28.04 of net worth that earned you −$26.75 and generated −$18.41 of cash last year, against $3.62 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2210% avg · 5y
FY21 -319%FY22 -9974%FY23 -390%FY24 -197%FY25 -172%

It earned an average -2210% 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
−17% shares · 5y

Share count is down 17% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 32% over the same window.

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 0001410578-23-000453 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000453 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000453 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000453 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000453 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001410578-23-000453 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001718939-24-000043 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001718939-25-000080 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001718939-26-000024 (CashAndCashEquivalentsAtCarryingValue)