Treasure Global Inc (TGL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Sep 17, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-19.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-217.6%
ROE
-89.4%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -19.9, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+104.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +104.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 11% against -97% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 197% of net operating assets, against an accruals ratio of 104.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
249d DSO
FY2023→FY2025
Receivables vs revenue.Days sales outstanding moved from 1 to 249 days FY2023→FY2025 (receivables +876% vs revenue -97%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Deferred revenue was roughly flat (-99%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. FY2023 and FY2025 aren't consecutive filed years here, so FY2025's opening balance can't be taken from FY2023 — both figures are measured on period-end balances rather than the beginning-plus-ending average, which keeps the two endpoints comparable to each other.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -89% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -51.7%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$2.3M
Revenue Growth YoY-89.4%
Revenue CAGR (3yr)-69.2%
Net Margin-1003.1%
Free Cash Flow-$9.5M
Return on Equity-217.6%
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?