MeritValue

TEN Holdings, Inc.

XHLDdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

TEN Holdings, Inc. earns about -382% on invested capital, and has bought back 91% of its shares over 3 years. 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 2023FY 2024FY 2025
Revenue$3.72M1$3.5M2$3.1M2
Net income−$1.69M3−$2.97M4−$19.5M4
Operating cash flow−$265,0005−$2.49M6−$10.1M6
Capital expenditure$25,0007$38,0008—
Free cash flow (derived)−$290,0005−$2.52M6—
Total debt———
Cash & equivalents$357,0009$48,00010$1.63M10
Diluted shares25.0M1.7M2.3M

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
$18.83
your share of equity
Profit it earned you last year
−$85.83
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $18.83 of net worth that earned you −$85.83 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-382% avg · 3y
FY23 -188%FY24 —FY25 -575%

It earned an average -382% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−91% shares · 3y

Share count is down 91% over 3 years — management has been buying back stock, quietly handing owners a bigger slice.

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 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 2023-12-31 · accession 0001641172-25-001303 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-011249 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001303 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011249 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001303 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-011249 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001303 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011249 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001303 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-011249 (CashAndCashEquivalentsAtCarryingValue)