MeritValue

Triller Group Inc.

ILLRdata completeness 88%7 fiscal years on file
The thesis, from the filings

Triller Group Inc. earns about -61% on invested capital, but has diluted owners by 225% 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$11.5M1$31.1M1$54.2M2$27.5M2$21.6M3
Net income$96.5M4−$44.5M5−$49.2M6−$1.14B7−$174.5M7
Operating cash flow−$2.15M8−$19.3M9−$42.3M10−$29M11−$25.9M11
Capital expenditure$3,60312$968,36713$105,00014——
Free cash flow (derived)−$2.16M8−$20.3M9−$42.4M10——
Total debt—$4.48M15$1.81M16$41.9M17$60.4M17
Cash & equivalents$38.6M18$6.45M19$1.86M20$3.07M21$2.29M21
Diluted shares55.5M56.1M31.6M63.0M180.6M

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
−$18.16
your share of equity
Profit it earned you last year
−$9.66
Free cash flow it threw off
—
Debt you’d be carrying
$3.35

10 shares is a claim on −$18.16 of net worth that earned you −$9.66 last year, against $3.35 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 5y
FY21 430%FY22 -139%FY23 -473%FY24 —FY25 —

It earned an average -61% 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
+225% shares · 5y

Share count is up 225% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1250% 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 0001213900-23-026399 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001213900-26-043341 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-026399 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-027225 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-043341 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-026399 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-027225 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-043341 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-026399 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-027225 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-027225 (ShortTermBorrowings)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (ShortTermBorrowings)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-043341 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0001213900-23-026399 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001213900-24-027225 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001213900-26-007545 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001213900-26-043341 (CashAndCashEquivalentsAtCarryingValue)