MeritValue

Tevogen Inc.

TVGNdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income$4.41M1−$60.5M2−$13.7M3−$26.3M3
Operating cash flow−$215,3954−$8.17M5−$12M6−$12.3M6
Capital expenditure—$133,0007—$64,4398
Free cash flow (derived)—−$8.3M5—−$12.4M6
Total debt$09———
Cash & equivalents$129,18610$011$012$012
Diluted shares2.4M24.8M2.9M3.3M

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
−$24.8
your share of equity
Profit it earned you last year
−$79.15
Free cash flow it threw off
−$37.33
Debt you’d be carrying
—

10 shares is a claim on −$24.8 of net worth that earned you −$79.15 and generated −$37.33 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+39% shares · 4y

Share count is up 39% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
  1. 10-K · period ending 2022-12-31 · accession 0001493152-24-016796 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-002426 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014326 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-016796 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-002426 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014326 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-002426 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2025-12-31 · accession 0001493152-26-014326 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-016796 (ShortTermBorrowings)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-23-000698 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-002426 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014326 (CashAndCashEquivalentsAtCarryingValue)