Mobile Global Esports, Inc.

MGAMdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Mobile Global Esports, Inc. earns about -793% on invested capital, but has diluted owners by 157% over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	$4,962¹	$25,409¹	$3,697²
Net income	−$1.29M³	−$6.77M⁴	−$2.32M⁵	−$2.26M⁵
Operating cash flow	−$1.44M⁶	−$3.57M⁷	−$2.11M⁸	−$1.07M⁸
Capital expenditure	$17,664⁹	—	—	—
Free cash flow (derived)	−$1.46M⁶	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$7.54M¹⁰	$3.18M¹¹	$929,000¹²	$573,305¹³
Diluted shares	18.1M	21.0M	21.6M	46.4M

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

Net assets behind them

−$0.03

your share of equity

Profit it earned you last year

−$0.49

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.03 of net worth that earned you −$0.49 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-793% avg · 4y

FY22 -69%FY23 —FY24 -1516%FY25 —

It earned an average -793% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+157% shares · 4y

Share count is up 157% over 4 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

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 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

10-K · period ending 2023-12-31 · accession 0001213900-25-026198 (Revenues)
10-K · period ending 2025-12-31 · accession 0001213900-26-037335 (Revenues)
10-K · period ending 2022-12-31 · accession 0001213900-24-032972 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-026198 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-037335 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-032972 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-25-026198 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-037335 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-23-029864 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001213900-23-029864 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001213900-24-032972 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-25-026198 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-12-31 · accession 0001213900-26-037335 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)