MeritValue

Marti Technologies, Inc.

MRTdata completeness 100%5 fiscal years on file
The thesis, from the filings

Marti Technologies, Inc. earns about -50% on invested capital, but has diluted owners by 128% 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$17M1$436,1562$664,5043$417,8453$33,5823
Net income−$14.5M4−$14.2M5−$33.8M6−$73.9M6−$41.4M6
Operating cash flow−$4.04M7−$5.47M8−$14.9M9−$25.1M9−$14.8M9
Capital expenditure——$652,37410$332,35410$485,32910
Free cash flow (derived)——−$15.5M9−$25.4M9−$15.3M9
Total debt—$31M11$140.9M12$149.4M13$171.6M13
Cash & equivalents$610,92614$10.5M15$19.4M16$5.15M17$7.81M17
Diluted shares34.2M44.1M50.6M59.0M78.0M

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
−$8.6
your share of equity
Profit it earned you last year
−$5.31
Free cash flow it threw off
−$1.96
Debt you’d be carrying
$21.99

10 shares is a claim on −$8.6 of net worth that earned you −$5.31 and generated −$1.96 of cash last year, against $21.99 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-50% avg · 5y
FY21 -55%FY22 -42%FY23 -35%FY24 -74%FY25 -41%

It earned an average -50% 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
+128% shares · 5y

Share count is up 128% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 454% 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. 20-F · period ending 2021-12-31 · accession 0001213900-24-033158 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-036882 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-042974 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-033158 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-036882 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-042974 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-033158 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-036882 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-042974 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-26-042974 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-033158 (LongTermDebt)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-036882 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-042974 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001410578-23-000560 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001213900-24-033158 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001213900-25-036882 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001213900-26-042974 (CashAndCashEquivalentsAtCarryingValue)