MeritValue

NFT Ltd

MIdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

NFT Ltd earns about -218% on equity, but has diluted owners by 3399% 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—$3.4M1$2.15M1$740,7012$725,7812
Net income−$30.1M3−$10.4M4$5.2M5$6.3M5−$1.36M5
Operating cash flow−$16.1M6$4.08M7−$316,9518−$1.34M8−$99.3M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$1.55M9———
Cash & equivalents$1.84M10$63.7M11$61.8M12$82.3M13$2.81M13
Diluted shares247,675495,8771.2M4.1M8.7M

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
$115.04
your share of equity
Profit it earned you last year
−$1.57
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $115.04 of net worth that earned you −$1.57 last year.

iii. Is this a good business?
Moat signal · return on equity
-218% avg · 5y
FY21 -1083%FY22 -20%FY23 9%FY24 8%FY25 -1%

It earned an average -218% 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
+3399% shares · 5y

Share count is up 3399% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 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. 20-F · period ending 2022-12-31 · accession 0001213900-24-043897 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-26-050939 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-043897 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-037682 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-050939 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-043897 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-037682 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-050939 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-24-043897 (ShortTermBorrowings)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-25-037682 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-043897 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-037682 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-050939 (CashAndCashEquivalentsAtCarryingValue)