Troops, Inc. /Cayman Islands/
TROOdata completeness 88%17 fiscal years on fileTroops, Inc. /Cayman Islands/ earns about -17% on invested capital, below its ~9% cost of capital, but has diluted owners by 19% over 5 years — no moat visible in the numbers. The applicable estimate puts fair value near $0.11 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $3.68M1 | $3.87M2 | $3.57M3 | $10.1M3 | $17.1M3 |
| Net income | −$8.41M4 | −$346,0005 | −$1.72M6 | −$13.4M6 | −$27.9M6 |
| Operating cash flow | $12.3M7 | −$368,0008 | −$6.54M9 | $1.96M9 | $807,0009 |
| Capital expenditure | $402,00010 | $156,00011 | $221,00012 | $251,00012 | $117,00012 |
| Free cash flow (derived) | $11.9M7 | −$524,0008 | −$6.76M9 | $1.7M9 | $690,0009 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $3.48M13 | $2.95M14 | $3.11M14 | $5.17M14 | $4.02M14 |
| Diluted shares | 101.6M | 101.6M | 101.6M | 102.2M | 120.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $4.06 of net worth that earned you −$2.31 and generated $0.06 of cash last year.
It earned about -17% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 19% 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.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$690,000
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$690,000
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.11 |
| Base | 0.0% | $0.11 |
| Bull | 5.0% | $0.13 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F/A · period ending 2021-12-31 · accession 0001410578-24-001551 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-001051 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-052000 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001410578-22-001260 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-001051 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-052000 (ProfitLoss)
- 20-F/A · period ending 2021-12-31 · accession 0001410578-24-001551 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-001051 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-052000 (NetCashProvidedByUsedInOperatingActivities)
- 20-F/A · period ending 2021-12-31 · accession 0001410578-24-001551 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-001051 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-052000 (PaymentsToAcquireProductiveAssets)
- 20-F · period ending 2021-12-31 · accession 0001410578-22-001260 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-26-052000 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)