Forensic Analysis · Professional & Commercial Services · as of Nov 8, 2026
Treasure Global Inc (TGL)
A forensic read on Treasure Global Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-13.7
Distress distance
Clean
Earnings quality
3
Forensic signals
-91.2%
ROE
121.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Treasure Global Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -13.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-107.2%
FY2026
Return on invested capital.Return on invested capital is -107.2% in the latest fiscal year, against -150.5% in FY2024, having run between -246.0% and -107.2% across FY2024–FY2026 with no direction held. After-tax operating profit was ($5M) in FY2024 and ($13M) in FY2026, with operating income at -27.5% of revenue in FY2024, -945.3% in FY2025 and -317.7% in FY2026. The capital base behind it grew +280% across FY2024–FY2026, from $3M to $12M, and the return did not fall doing it, so the dollars added over that window earned at least the -150.5% the older base was already earning. FY2026's operating profit carried a $3M asset write-down that alone took about 19.9 points off that year's return, so the latest return is depressed by that charge. FY2025's operating profit carried a $20M asset write-down that alone took about 217.9 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+718.7%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +6603% over the last 2 years to FY2026 (+718.7%/yr). The count is growing — 0.0M shares in FY2024, 1.2M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~718.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~99%.
36% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 36% of revenue in FY2026 — about $1.60 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 718.7% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$5.2M
Revenue Growth YoY+121.8%
Revenue CAGR (2yr)-51.6%
Net Margin-214.4%
Free Cash Flow-$13.5M
Return on Equity-91.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Treasure Global Inc's actual 10-K/10-Q/8-K filings?