MeritValue

Transportation & Logistics Systems, Inc.

TLSSdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Transportation & Logistics Systems, Inc. earns about -37% on equity, but has diluted owners by 58% 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$5.5M1$7.74M1———
Net income$6.25M2−$8.08M3−$14.3M4−$3.82M5$33,8335
Operating cash flow−$4.09M6−$3.42M7−$2.81M8−$386,6999−$486,4229
Capital expenditure$56,17410$143,94811$519,64412——
Free cash flow (derived)−$4.14M6−$3.57M7−$3.33M8——
Total debt—$5.78M13———
Cash & equivalents$6.07M14$1.47M14$218,15215$177,25716$15,83516
Diluted shares3.73B3.36B4.04B5.53B5.89B

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
−$0.03
your share of equity
Profit it earned you last year
$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.03 of net worth that earned you $0 last year.

iii. Is this a good business?
Moat signal · return on equity
-37% avg · 5y
FY21 73%FY22 -147%FY23 —FY24 —FY25 —

It earned an average -37% 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
+58% shares · 5y

Share count is up 58% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2021-12-31 · accession 0001493152-23-010371 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-010371 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-048930 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-004796 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-013576 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-010371 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-048930 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-004796 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-013576 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-010371 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-048930 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-004796 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-23-010371 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010371 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004796 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013576 (CashAndCashEquivalentsAtCarryingValue)