MeritValue

MGT CAPITAL INVESTMENTS, INC.

MGTIdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MGT CAPITAL INVESTMENTS, INC. earns about -136% on equity, but has diluted owners by 439% 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$883,0001$809,0002$399,0003$322,0004$87,0004
Net income−$1.54M5−$5.98M6−$6.13M7$5.52M8−$219,0008
Operating cash flow−$1.16M9−$2.15M10−$710,00011−$547,00012−$991,00012
Capital expenditure$212,00013$68,00014———
Free cash flow (derived)−$1.37M9−$2.22M10———
Total debt—————
Cash & equivalents$1.23M15$538,00016$8,00017$6,00018$103,00018
Diluted shares558.5M664.0M761.9M1.28B3.01B

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
−$0.01
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.01 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on equity
-136% avg · 5y
FY21 -136%FY22 —FY23 —FY24 —FY25 —

It earned an average -136% 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
+439% shares · 5y

Share count is up 439% 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 2021-12-31 · accession 0001493152-23-010322 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014891 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-021523 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010453 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010322 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014891 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-021523 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010453 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010322 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014891 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-021523 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010453 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010322 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014891 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-010322 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-014891 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-25-021523 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-010453 (CashAndCashEquivalentsAtCarryingValue)