MeritValue

Toppoint Holdings Inc.

TOPPdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Toppoint Holdings Inc. earns about -2% on invested capital, but has diluted owners by 19% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.1 a share.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 2023FY 2024FY 2025
Revenue$18M1$16M2$16.5M2
Net income$542,3513$174,8714−$7.34M4
Operating cash flow$2.01M5−$593,7346−$1.78M6
Capital expenditure$85,5967$1.2M8$355,3708
Free cash flow (derived)$1.92M5−$1.8M6−$2.14M6
Total debt—$149,9009$1.04M10
Cash & equivalents$1.46M11$557,61911$1.2M11
Diluted shares15.0M15.0M17.9M

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
$4.81
your share of equity
Profit it earned you last year
−$4.1
Free cash flow it threw off
−$1.19
Debt you’d be carrying
$0.58

10 shares is a claim on $4.81 of net worth that earned you −$4.1 and generated −$1.19 of cash last year, against $0.58 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 3y
FY23 60%FY24 3%FY25 -69%

It earned an average -2% 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
+19% shares · 3y

Share count is up 19% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 592% 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
$0.1
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$174,871
  • growthAssumed0.0%
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 2023-12-31 · accession 0001213900-25-032145 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-034067 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-032145 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-034067 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-032145 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-034067 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-032145 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-034067 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-25-032145 (LongTermDebt)
  10. 10-K · period ending 2025-12-31 · accession 0001213900-26-034067 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-26-034067 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)