MeritValue

TaoWeave, Inc.

TWAVdata completeness 75%16 fiscal years on file
The thesis, from the filings

TaoWeave, Inc. earns about -1134% on invested capital, but has diluted owners by 30% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.74M1$5.48M2$3.81M3$2.38M4$2.44M4
Net income−$9.05M5−$21.9M6−$4.38M7−$4.04M8−$6.36M8
Operating cash flow−$7.73M9−$5.93M10−$2.99M11−$3.41M12−$3.02M12
Capital expenditure$50,00013$11,00014$014——
Free cash flow (derived)−$7.78M9−$5.95M10−$2.99M11——
Total debt$015————
Cash & equivalents$9M16$3.09M16$5.99M17$4.97M18$2.26M18
Diluted shares1.8M2.1M5.6M834,2092.3M

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
$30.37
your share of equity
Profit it earned you last year
−$27.44
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $30.37 of net worth that earned you −$27.44 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1134% avg · 5y
FY21 -44%FY22 -3253%FY23 —FY24 —FY25 -105%

It earned an average -1134% 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
+30% shares · 5y

Share count is up 30% 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.

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 2021-12-31 · accession 0000746210-23-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000746210-24-000009 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-008262 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009237 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000746210-23-000011 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000746210-24-000009 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-008262 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009237 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000746210-23-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000746210-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-008262 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009237 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000746210-23-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000746210-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0000746210-22-000023 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0000746210-24-000009 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-008262 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-009237 (CashAndCashEquivalentsAtCarryingValue)