MeritValue

TAO Synergies Inc.

TAOXdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

TAO Synergies Inc. earns about -87% on equity, and has bought back 34% of its shares over 5 years. 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———$01$299,0611
Net income−$12.6M2−$5.57M3−$6.04M4−$12.8M5−$28.7M5
Operating cash flow−$8.71M6−$11.2M7−$5.17M8−$4.88M9−$6.4M9
Capital expenditure$3,19910$7,41411$2,70712——
Free cash flow (derived)−$8.71M6−$11.2M7−$5.18M8——
Total debt—————
Cash & equivalents$34.2M13$37.5M14$28.7M15$17.7M16$5.5M16
Diluted shares5.0M7.0M466,1001.2M3.3M

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
$63.79
your share of equity
Profit it earned you last year
−$87.08
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $63.79 of net worth that earned you −$87.08 last year.

iii. Is this a good business?
Moat signal · return on equity
-87% avg · 5y
FY21 -38%FY22 -17%FY23 -25%FY24 -218%FY25 -137%

It earned an average -87% 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
−34% shares · 5y

Share count is down 34% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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/A · period ending 2024-12-31 · accession 0001104659-26-070987 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001410578-23-000319 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000410 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001410578-25-000518 (NetIncomeLoss)
  5. 10-K/A · period ending 2024-12-31 · accession 0001104659-26-070987 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001410578-23-000319 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001410578-24-000410 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001410578-25-000518 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2024-12-31 · accession 0001104659-26-070987 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-23-000319 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001410578-24-000410 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001410578-25-000518 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000319 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000410 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000518 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2024-12-31 · accession 0001104659-26-070987 (CashAndCashEquivalentsAtCarryingValue)