MeritValue

TruGolf Holdings, Inc.

TRUGdata completeness 100%5 fiscal years on file
The thesis, from the filings

TruGolf Holdings, Inc. earns about -354% on equity, but has diluted owners by 2371% over 5 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
FigureFY 2022FY 2023FY 2023FY 2024FY 2025
Revenue——$20.6M1$21.3M2$18.9M2
Net income−$414,0453−$400,2323−$10.3M4−$8.8M5−$15.2M5
Operating cash flow−$697,8686−$1.04M6−$6.13M7−$4M8−$1.7M8
Capital expenditure——$127,4139$36,33910$205,44310
Free cash flow (derived)——−$6.26M7−$4.03M8−$1.9M8
Total debt——$2.1M11$3.56M12$2.82M12
Cash & equivalents$877,09913—$3.3M14$8.78M15$10.5M15
Diluted shares——11,99423,270296,313

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
$145.13
your share of equity
Profit it earned you last year
−$513.91
Free cash flow it threw off
−$64.25
Debt you’d be carrying
$95.3

10 shares is a claim on $145.13 of net worth that earned you −$513.91 and generated −$64.25 of cash last year, against $95.3 of debt.

iii. Is this a good business?
Moat signal · return on equity
-354% avg · 5y
FY22 —FY23 —FY23 —FY24 —FY25 -354%

It earned an average -354% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2371% shares · 5y

Share count is up 2371% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 35% 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
  1. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-03-31 · accession 0001493152-23-019509 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0001493152-23-019509 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (LongTermDebt)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (LongTermDebt)
  13. 10-K · period ending 2022-03-31 · accession 0001264931-22-000154 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-004877 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016882 (CashAndCashEquivalentsAtCarryingValue)