Share count
15Mpeak FY2021
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TRSG, Tungray Technologies Inc
Yao founded Tungray Singapore, providing automation solutions for manufacturing businesses.
Yao expanded his business into a conglomerate with subsidiaries in China and Singapore and businesses spanning across manufacturing solutions, welding, motor production, etc., including founding Tongri Electric, one of Mr.
Yao graduated with a bachelor's degree in mechanics from Zhengzhou Institute of Food Sciences (now Henan University of Technology) in 1988 and finished EMBA programs in Peking University President Class in 2014.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$16M
+22.0% YoY · −3% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $16M 5-yr avg $15M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 47% and operating margin about 7.7% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −5.1% and 28% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 6%, above 15% in 1 of 4 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $17M | $16M | $14M | $13M | $16M | $16M | RevenueRevenue |
| 53% | 57% | 47% | 44% | 46% | 46% | Gross marginGross mgn |
| $5M | $3M | $1M | ($656K) | ($242K) | ($242K) | Operating incomeOp. inc. |
| 27.9% | 20.1% | 7.7% | −5.1% | −1.5% | −1.5% | Operating marginOp. mgn |
| $4M | $3M | $757K | ($572K) | ($170K) | ($170K) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| $6M | $4M | $451K | ($812K) | ($3M) | ($3M) | Operating cash flowOp. cash |
| $208K | $174K | $248K | $365K | $387K | $387K | DepreciationDeprec. |
| $1M | $622K | ($554K) | ($606K) | ($3M) | ($3M) | Working capital & otherWC & other |
| $206K | $146K | $43K | $451K | $799K | $799K | CapexCapex |
| 1.2% | 0.9% | 0.3% | 3.5% | 5.1% | 5.1% | Capex / revenueCapex/rev |
| $6M | $3M | $408K | ($1M) | ($4M) | ($4M) | Owner earningsOwner earn. |
| 33.1% | 21.4% | 2.8% | −9.9% | −24.6% | −24.6% | Owner earnings marginOE mgn |
| $6M | $3M | $408K | ($1M) | ($4M) | ($4M) | Free cash flowFCF |
| 33.1% | 21.4% | 2.8% | −9.9% | −24.6% | −24.6% | Free cash flow marginFCF mgn |
| — | $2M | $1M | $517K | — | $517K | Dividends paidDiv. paid |
| — | 22% | 13% | -6% | -2% | -2% | ROICROIC |
| — | 19% | 5% | -3% | -1% | -1% | Return on equityROE |
| — | 8% | −3% | −6% | — | −4% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | — | $11M | $9M | $7M | $7M | Cash & investmentsCash+inv |
| — | $105K | $320K | — | — | $320K | ReceivablesReceiv. |
| — | $1M | $2M | $2M | $3M | $3M | InventoryInvent. |
| — | $1M | $1M | $1M | $2M | $2M | Accounts payablePayables |
| — | $409K | $2M | $847K | $1M | $2M | Operating working capitalOper. WC |
| — | $18M | $19M | $20M | $19M | $19M | Current assetsCur. assets |
| — | $8M | $9M | $11M | $10M | $10M | Current liabilitiesCur. liab. |
| — | 2.1× | 2.1× | 1.9× | 1.9× | 1.9× | Current ratioCurr. ratio |
| — | $26M | $27M | $30M | $30M | $30M | Total assetsAssets |
| — | — | ($11M) | ($9M) | ($7M) | ($7M) | Net debt / (cash)Net debt |
| — | $15M | $16M | $17M | $18M | $18M | Shareholders’ equityEquity |
| Per share | ||||||
| 15.0M | 15.0M | 15.0M | — | — | 15.0M | Shares out (diluted)Shares |
| $1.16 | $1.09 | $0.96 | — | — | $1.04 | Revenue / shareRev/sh |
| $0.29 | $0.19 | $0.05 | — | — | $-0.01 | EPS (diluted)EPS |
| $0.39 | $0.23 | $0.03 | — | — | $-0.26 | Owner earnings / shareOE/sh |
| $0.39 | $0.23 | $0.03 | — | — | $-0.26 | Free cash flow / shareFCF/sh |
| — | $0.11 | $0.09 | — | — | $0.03 | Dividends / shareDiv/sh |
| $0.01 | $0.01 | $0.00 | — | — | $0.05 | Cap. spending / shareCapex/sh |
| — | $0.99 | $1.05 | — | — | $1.20 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | −9.3%/yr (2-yr) | −9.3%/yr (2-yr) |
| Owner earnings / share | −73.4%/yr (2-yr) | −73.4%/yr (2-yr) |
| EPS | −58.0%/yr (2-yr) | −58.0%/yr (2-yr) |
| Dividends / share | −22.9%/yr (1-yr) | −22.9%/yr (1-yr) |
| Capital spending / share | −54.2%/yr (2-yr) | −54.2%/yr (2-yr) |
| Book value / share | +5.9%/yr (1-yr) | +5.9%/yr (1-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−2%low FY2024
Gross margin
46%low FY2024
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($4M)owner earningsvs.($170K)net incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2023
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported a $170K loss but ($4M) of owner earnings: $4M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($170K) | ($572K) | $757K | $3M | $4M |
| Depreciation & amortizationnon-cash charge added back | +$387K | +$365K | +$248K | +$174K | +$208K |
| Working capital & othertiming of cash in and out, other non-cash items | −$3M | −$606K | −$554K | +$622K | +$1M |
| Cash from operations | ($3M) | ($812K) | $451K | $4M | $6M |
| Capital expenditurecash put back in to keep running and to grow | −$799K | −$451K | −$43K | −$146K | −$206K |
| Owner earnings | ($4M) | ($1M) | $408K | $3M | $6M |
| Owner-earnings marginowner earnings ÷ revenue | -25% | -10% | 3% | 21% | 33% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“However, in the course of auditing our consolidated financial statements for the financial statements included elsewhere in this Annual Report, we and our independent registered public accounting firm identified three material weaknesses in our internal…”
Restated past financials
“The restatement of the Company's financial statements for these periods was included in an amendment to the 20-F (the "Restatement 20-F"), which was filed with the SEC on December 31, 2024.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $7M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $7M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 7 + DIO 145 − DPO 80 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -74%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle5-yr median margin, range -25%–33%; latest ($4M) = operating cash ($3M) − maintenance capex $799KIndustry peers: median -100%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -25% of revenue this year, a 3% median across 5 years.
- Loss, and burning cashNet income ($170K) · cash from operations ($3M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 2.06×ExpandingCapex $799K ÷ depreciation $387K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $16M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.94×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (5-yr record) · 2 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 3 of 5 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.00/share (latest year $-0.01), the averaged base the calculator's gate runs on, and book value is $1.10/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 3 of 5
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Operating margin 24% → −3% (2-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 24% early to −3% lately, median 8% — competition or costs are biting in.
- Worst year 2024 · −5.1% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
- Share count +0.0%/yr
What this means
Roughly flat share count, little dilution, little buyback.
- Dividend record paid
What this means
Paid a dividend in 3 of the years on record.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$19M
- Cash & short-term investments$7M
- Receivables$320K
- Inventory$3M
- Other current assets$8M
Current liabilities$10M
- Accounts payable$2M
- Other current liabilities$8M
Current ratio1.94×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.59×stricter: inventory excluded
Cash ratio0.69×strictest: cash alone against what's due
Working capital$9Mthe cushion left after near-term bills
Cash runway1.7 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$18Mequity stripped of goodwill & intangibles
Net current asset value$7MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$218K$218K of it operating leases
Deferred revenue$3Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2021–2025
Over the record, the business generated $6M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$2M · 26%
- Dividends$3M · 55%
- Retained (debt / cash)$1M · 18%
- Returned to owners$3M
75% of the owner earnings the business produced over the span, $3M as dividends and $0 as buybacks.
- Net change in share count0.0%
The diluted count barely moved (15M to 15M): buybacks roughly offset the stock issued to staff.
- Dividend record$0.09/sh
Paid in 3 of the years on record, the per-share dividend shrinking about 23% a year. It was cut at least once along the way.
- Return on what it retained−129%
Of the earnings it kept rather than paid out ($4M over the span), annual owner earnings (first three years vs last three) fell $5M, so each retained $1 gave back about 1.29 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why Tungray Technologies Inc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereIs it less profitable than it was?−17.2% vs 27.2%
The owner-earnings margin averaged 27.2% early in the record and −17.2% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
And these came back clean
- Did the share count rise anyway?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$10M · 67% of revenue on the largest customer (TTM)
“For the year ended December 31, 2024, one customer accounted for 66.6 % of the Company's total revenues.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Industrial Machinery
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| OUSTOuster Inc. | $169M | 27% | -297.0% | -101% | -224% |
| ERIIEnergy Recovery Inc. | $135M | 69% | 13.5% | 13% | 8% |
| CEPLCapstone Energy Plus Inc. | $106M | 14% | -23.2% | -74% | -19% |
| ASYSAmtech Systems Inc. | $79M | 37% | 1.8% | 1% | -4% |
| VELOVelo3D Inc. | $46M | -5% | -153.6% | -147% | -140% |
| TRSGTungray Technologies Inc | $16M | 47% | 7.7% | 6% | 3% |
| CHRNChronoScale Holdings Corporation | $13M | 50% | -120.5% | -139% | -100% |
| RRRichtech Robotics Inc. | $5M | 65% | -86.5% | -6% | -279% |
| Group median | — | 42% | -54.9% | -40% | -59% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Tungray Technologies Inc's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Tungray Technologies Inc has delivered.
Tungray Technologies Inc’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Tungray Technologies Inc earns about $444K on its 2.8% median owner-earnings margin. This year’s −24.6% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings ($4M) on 16M shares outstanding (a weighted cover-text, the only count this filer tags); net cash $7M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Tungray Technologies Inc (TRSG), the owner's record," https://ownerscorecard.com/c/TRSG, data as of 2026-07-09.
Manual order: ← TRP its page in the Manual TRVG →
Industry order: ← TRS the Industrial Machinery chapter TWIN →