MeritValue

Trutankless, Inc.

TKLSdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$246,0321$73,0082$3,5493$242,3504$1.08M4
Net income−$17.4M5−$4.78M6−$2.15M7−$10.2M8−$4.75M8
Operating cash flow−$2.43M9−$1.71M10−$1.99M11−$2.32M12−$1.48M12
Capital expenditure$25,29813$013$014$191,91715$297,69115
Free cash flow (derived)−$2.46M9−$1.71M10−$1.99M11−$2.51M12−$1.78M12
Total debt—————
Cash & equivalents$20,83116$79,51716$21,45217$1M17$21,61917
Diluted shares20.2M20.4M28.4M88.7M132.2M

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
−$0.75
your share of equity
Profit it earned you last year
−$0.36
Free cash flow it threw off
−$0.13
Debt you’d be carrying
—

10 shares is a claim on −$0.75 of net worth that earned you −$0.36 and generated −$0.13 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+554% shares · 5y

Share count is up 554% 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 v0.5.0
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 2021-12-31 · accession 0001477932-23-008489 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001477932-25-004032 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-006336 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-003397 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-008489 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001477932-25-004032 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-006336 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-003397 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-008489 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001477932-25-004032 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-006336 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-003397 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-008489 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001477932-25-006336 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001477932-26-003397 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001477932-23-008489 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001477932-26-003397 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)