MeritValue

Mega Matrix Inc

MPUdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Mega Matrix Inc earns about -155% on invested capital, but has diluted owners by 99% 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
FigureFY 2022FY 2023FY 2024FY 2025
Revenue——$36.2M1$26.1M1
Net income−$8.47M2−$4.06M3−$8.88M3−$34.3M3
Operating cash flow−$5.86M4−$3M5$4.12M5−$9.91M5
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$7.26M6$3.13M7$8.87M8$7.3M8
Diluted shares23.0M31.3M38.0M45.7M

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
$3.95
your share of equity
Profit it earned you last year
−$7.5
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $3.95 of net worth that earned you −$7.5 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-155% avg · 4y
FY22 —FY23 -50%FY24 -163%FY25 -251%

It earned an average -155% 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
+99% shares · 4y

Share count is up 99% 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 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 2024-12-31 · accession 0001213900-26-044335 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001013762-25-003608 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-044335 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001013762-25-003608 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-044335 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-26-044335 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 20-F · period ending 2023-12-31 · accession 0001013762-25-003608 (CashAndCashEquivalentsAtCarryingValue)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-26-044335 (CashAndCashEquivalentsAtCarryingValue)