MeritValue

Tungray Technologies Inc

TRSGdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Tungray Technologies Inc earns about 146% on invested capital, with a roughly flat share count. 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$17.5M1$16.3M2$14.4M3$12.8M3$15.6M3
Net income$4.3M4$2.85M5$756,7616−$571,7176−$170,2776
Operating cash flow$5.99M7$3.64M8$451,0219−$811,8899−$3.05M9
Capital expenditure$206,34510$145,69911$43,25412$450,63712$799,27912
Free cash flow (derived)$5.78M7$3.49M8$407,7679−$1.26M9−$3.85M9
Total debt—————
Cash & equivalents$11.3M13$13.1M14$10.8M15$8.97M16$6.62M16
Diluted shares15.0M15.0M15.0M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
146% avg · 5y
FY21 498%FY22 215%FY23 16%FY24 -2%FY25 0%

It earned an average 146% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
no diluted share count
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. 20-F/A · period ending 2021-12-31 · accession 0001575872-24-001297 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001096906-25-000785 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001096906-26-000600 (Revenues)
  4. 20-F/A · period ending 2021-12-31 · accession 0001575872-24-001297 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001096906-25-000785 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001096906-26-000600 (NetIncomeLoss)
  7. 20-F/A · period ending 2021-12-31 · accession 0001575872-24-001297 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001096906-25-000785 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001096906-26-000600 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-12-31 · accession 0001575872-24-001297 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001096906-25-000785 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001096906-26-000600 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001096906-25-000785 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001096906-26-000600 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 20-F/A · period ending 2023-12-31 · accession 0001096906-25-001681 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001096906-26-000600 (CashAndCashEquivalentsAtCarryingValue)