TNL Mediagene

TNMGdata completeness 100%3 fiscal years on file

The thesis, from the filings

TNL Mediagene earns about -82% on invested capital, but has diluted owners by 184% over 3 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

Figure	FY 2022	FY 2023	FY 2024
Revenue	$20M¹	$35.8M¹	$48.5M¹
Net income	−$11M²	−$804,977²	−$85M²
Operating cash flow	−$760,106³	−$1.42M³	−$10.2M³
Capital expenditure	$52,481⁴	$87,179⁴	$89,121⁴
Free cash flow (derived)	−$812,587³	−$1.51M³	−$10.3M³
Total debt	—	$5.49M⁵	$9.03M⁵
Cash & equivalents	$3.73M⁶	$3.03M⁶	$3.65M⁶
Diluted shares	9.2M	18.4M	26.1M

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

Net assets behind them

$13.93

your share of equity

Profit it earned you last year

−$32.53

Free cash flow it threw off

−$3.94

Debt you’d be carrying

$3.46

10 shares is a claim on $13.93 of net worth that earned you −$32.53 and generated −$3.94 of cash last year, against $3.46 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-82% avg · 3y

FY22 —FY23 -2%FY24 -161%

It earned an average -82% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+184% shares · 3y

Share count is up 184% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 64% over the same window.

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

20-F · period ending 2022-12-31 · accession 0001213900-25-037450 (Revenue)
20-F · period ending 2022-12-31 · accession 0001213900-25-037450 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2022-12-31 · accession 0001213900-25-037450 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-037450 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2023-12-31 · accession 0001213900-25-037450 (Borrowings)
20-F · period ending 2022-12-31 · accession 0001213900-25-037450 (CashAndCashEquivalents)