MeritValue

Tian'an Technology Group Ltd

TANAFdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

Tian'an Technology Group Ltd earns about 2270% on equity, but has diluted owners by 14% 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$37,0651$195,7332$246,6193$1.78M4$734,8934
Net income−$119,2555−$280,5176−$250,0097$454,5908−$89,9318
Operating cash flow−$138,3759−$145,41910−$5,14911−$512,67712$126,06112
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$45613$15,00514$3,05815$133,47916$49,86416
Diluted shares40.0M41.8M45.0M45.5M45.5M

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
−$0.02
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
2270% avg · 5y
FY21 —FY22 —FY23 —FY24 2270%FY25 —

It earned an average 2270% 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
+14% shares · 5y

Share count is up 14% 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
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 2021-12-31 · accession 0001493152-23-020428 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001493152-24-012556 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001641172-25-006170 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001493152-26-024881 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-23-020428 (NetIncomeLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001493152-24-012556 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001641172-25-006170 (NetIncomeLoss)
  8. 20-F · period ending 2024-12-31 · accession 0001493152-26-024881 (NetIncomeLoss)
  9. 20-F · period ending 2021-12-31 · accession 0001493152-23-020428 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-24-012556 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2023-12-31 · accession 0001641172-25-006170 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2024-12-31 · accession 0001493152-26-024881 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-23-020428 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-012556 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-006170 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001493152-26-024881 (CashAndCashEquivalentsAtCarryingValue)