MeritValue

TREASURE GLOBAL INC

TGLdata completeness 88%5 fiscal years on file
The thesis, from the filings

TREASURE GLOBAL INC earns about -206% on equity, and has bought back 89% 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$14M1$79.7M2$69.4M2$22.1M3$2.33M3
Net income−$7.92M4−$11.7M5−$11.7M6−$6.59M7−$23.4M7
Operating cash flow−$6.8M8−$8.66M9−$9.56M10−$4.71M11−$9.48M11
Capital expenditure$84,85012$312,35813$86,96414$16,74015$14,81815
Free cash flow (derived)−$6.88M8−$8.98M9−$9.65M10−$4.73M11−$9.5M11
Total debt$016$1.42M16———
Cash & equivalents$2.84M17$1.85M18$4.59M18$200,01319$236,89519
Diluted shares10.3M10.5M238,45717,1731.2M

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
$91.3
your share of equity
Profit it earned you last year
−$198.67
Free cash flow it threw off
−$80.7
Debt you’d be carrying
—

10 shares is a claim on $91.3 of net worth that earned you −$198.67 and generated −$80.7 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-206% avg · 5y
FY21 —FY22 —FY23 —FY24 -195%FY25 -218%

It earned an average -206% 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
−89% shares · 5y

Share count is down 89% 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 · period ending 2021-06-30 · accession 0001575872-22-001246 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001213900-23-080469 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2024-06-30 · accession 0001213900-25-099542 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001575872-22-001246 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001213900-23-080469 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001213900-24-083395 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-06-30 · accession 0001213900-25-099542 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001575872-22-001246 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001213900-23-080469 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-083395 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-06-30 · accession 0001213900-25-099542 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001575872-22-001246 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001213900-23-080469 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-083395 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-06-30 · accession 0001213900-25-099542 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001575872-22-001246 (ShortTermBorrowings)
  17. 10-K · period ending 2021-06-30 · accession 0001575872-22-001246 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001213900-23-080469 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2024-06-30 · accession 0001213900-25-099542 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)