Universal Token

UTKNdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

Universal Token earns about 80% on equity, 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	$32,132¹	$0²	$0²
Net income	$13,131³	−$166,378⁴	−$356,248⁴
Operating cash flow	$8,737⁵	−$166,897⁶	−$342,889⁶
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	—	—
Cash & equivalents	$14,762⁷	$67,784⁷	$1,842⁷
Diluted shares	100.7M	100.7M	101.4M

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

Net assets behind them

$0.11

your share of equity

Profit it earned you last year

−$0.04

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.11 of net worth that earned you −$0.04 last year.

iii. Is this a good business?

Moat signal · return on equity

80% avg · 3y

FY23 192%FY24 —FY25 -32%

It earned an average 80% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1% shares · 3y

Share count is roughly flat over 3 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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 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

10-K · period ending 2023-12-31 · accession 0001171520-25-000088 (Revenues)
10-K · period ending 2024-12-31 · accession 0001171520-26-000041 (Revenues)
10-K · period ending 2023-12-31 · accession 0001171520-25-000088 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001171520-26-000041 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001171520-25-000088 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001171520-26-000041 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001171520-26-000041 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)