Tron Inc.

TRONdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Tron Inc. earns about -36% on invested capital, but has diluted owners by 1479% over 4 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	FY 2025
Revenue	$6.08M¹	$5.76M²	$4.31M³	$4.74M³
Net income	$328,701⁴	−$2.05M⁵	−$4.34M⁶	−$16.8M⁶
Operating cash flow	−$29,925⁷	−$766,877⁸	−$2.86M⁹	−$1.44M⁹
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	—	—	—	—
Diluted shares	6.5M	7.7M	11.6M	102.6M

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

$20.49

your share of equity

Profit it earned you last year

−$1.64

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $20.49 of net worth that earned you −$1.64 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-36% avg · 4y

FY22 —FY23 —FY24 -65%FY25 -6%

It earned an average -36% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1479% shares · 4y

Share count is up 1479% over 4 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 v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K/A · period ending 2022-12-31 · accession 0001493152-24-050661 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001641172-25-001862 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-12-31 · accession 0001493152-26-012723 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K/A · period ending 2022-12-31 · accession 0001493152-24-050661 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-001862 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-012723 (NetIncomeLoss)
10-K/A · period ending 2022-12-31 · accession 0001493152-24-050661 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-001862 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-012723 (NetCashProvidedByUsedInOperatingActivities)