Trump Media & Technology Group
Trump Media & Technology Group's revenue rose 1.8% to $4 million in fiscal 2025. Its operating margin was −15,560.9%, down from −5,140.9% a year earlier. Free cash flow was $14 million. It paid out $54 million in dividends and buybacks, 378% of free cash flow. The diluted share count rose 50.0%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Trump Media & Technology Group does
Trump Media & Technology Group (TMTG) runs Truth Social, a social media platform it describes as a place for free expression, and Truth+, a TV streaming service with live channels and on-demand content. It has also started Truth.Fi, a financial services brand that includes investment products and a digital asset strategy with a bitcoin treasury. Truth Social went on general release in the first quarter of 2022, and the company says its apps run on iOS, Android and the web.
The company is early in its life and expects to keep losing money from operations for the foreseeable future. It is working on ways to earn revenue from advertising on both Truth Social and Truth+, and in 2025 it began testing a paid plan with premium features, called the Patriot Package. It ended 2025 with approximately $2,473.2 million of cash, investments, digital assets and similar items, and approximately $947.1 million of debt, not counting lease liabilities.
In December 2025 TMTG agreed to merge with TAE Technologies. If it closes, TMTG expects each side's shareholders to own about half of the combined company. As of the date of the filing, a trust of which Donald J. Trump is the sole beneficiary owned approximately 41.1% of the voting power of TMTG's common stock.
Its biggest risks, as it describes them
- Its short history, which makes the business hard to judge, and its expected operating losses.
- Failing to build an audience for Truth Social and Truth+ or to earn money from them.
- Needing more money, with no assurance that financing will be available.
- Competition with larger and more established social media and streaming services.
- Its bitcoin holdings, which could change its financial results significantly.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
Trump Media & Technology Group lost money in fiscal 2025: a net loss of $712 million.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Trump Media & Technology Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Trump Media & Technology Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Trump Media & Technology Group's fiscal 2025 free cash flow of $14M, net cash of −$508M at December 31, 2025 and 254 million diluted shares, from its filings. The scenarios are fitted to Trump Media & Technology Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 2 years, -5.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Interactive Media & Services), plus 1 point as a smaller company, worth $1.7B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Trump Media & Technology Group's net debt is larger than what that scenario's cash flows are worth today.
- Last close, October 26, 2026
- $6.14
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Trump Media & Technology Group's latest diluted earnings per share were negative or zero.
Balance sheet
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | 3 | 777 | 440 |
| Debt incl. finance leases | 4 | 5 | 947 |
| Net debt (negative means net cash) | 1 | −772 | 508 |
| Net debt to EBITDA | — | — | — |
| Debt to equity | — | 0.0x | 0.6x |
| Interest coverage | −0.4x | −60.2x | −20.9x |
| Current ratio | 0.1x | 45.3x | 1.2x |
| Quick ratio | 0.1x | 45.3x | 1.2x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $10,470 of Trump Media & Technology Group shares on the open market, and 1 insider sold $55,068.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 18, 2025 | Scott GlabeGeneral Counsel and Secretary | Bought | 1,000 | $10.47 | $10,470 | Form 4 |
| Nov 17, 2025 | Eric SwiderDirector | Sold | 5,200 | $10.59 | $55,068 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | Fail | Fail |
| Cash from operations is positive | Fail | Pass |
| Return on assets rose | — | Pass |
| Cash from operations exceeds net income | Pass | Pass |
| Debt fell relative to assets | — | Fail |
| Current ratio rose | Pass | Fail |
| Share count didn't rise | Fail | Fail |
| Gross margin rose | Fail | Fail |
| Revenue rose relative to assets | — | Fail |
| F-score | — | 3 of 9 |
| Accruals ratio | −72.2% | −40.8% |
Compare
Put Trump Media & Technology Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Trump Media & Technology Group | FY25 | 1.8% | −15,560.9% | 385.2% | −39.4% | — | 3 | |
| Rumble | FY25 | 5.4% | −125.9% | −74.0% | — | — | — | Compare |
| Grindr | FY25 | 27.6% | 28.7% | 32.0% | 44.3% | 2.3x | 6 | Compare |
| CarGurus | FY25 | 13.7% | 26.9% | 31.9% | 90.3% | −0.7x | 7 | Compare |
| ZoomInfo | FY25 | 2.9% | 18.1% | 31.2% | 5.3% | 3.6x | 7 | Compare |
3 years of figures
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | 4 | 4 | 4 |
| Revenue growth | — | −12.4% | 1.8% |
| Gross profit | 4 | 3 | 2 |
| Research and development | 10 | 49 | 43 |
| Operating income | −16 | −186 | −573 |
| Net income | −58 | −401 | −712 |
| Diluted EPS (US$) | −0.67 | −2.36 | −2.80 |
| Diluted shares (millions) | 88 | 170 | 254 |
| Cash flow | |||
| Cash from operations | −10 | −61 | 15 |
| Capital expenditure | 0 | 5 | 1 |
| Free cash flow | −10 | −66 | 14 |
| Dividends paid | 0 | 0 | 0 |
| Share buybacks | 0 | 3 | 54 |
| Acquisitions | 0 | 0 | 0 |
| Stock-based compensation | 0 | 107 | 59 |
| Balance sheet at fiscal year end | |||
| Cash and short-term investments | 3 | 777 | 440 |
| Debt incl. finance leases | 4 | 5 | 947 |
| Total assets | 3 | 938 | 2,630 |
| Total liabilities | 70 | 25 | 983 |
| Shareholders' equity | −67 | 914 | 1,647 |
| Margins and ratios | |||
| Gross margin | 96.0% | 82.9% | 54.5% |
| Operating margin | −386.5% | −5,140.9% | −15,560.9% |
| Net margin | −1,408.6% | −11,077.3% | −19,343.4% |
| Free cash flow margin | −235.7% | −1,824.3% | 385.2% |
| Return on capital | — | — | −39.4% |
| Return on equity | — | −94.7% | −55.6% |
| Return on assets | — | −85.1% | −39.9% |
| Net debt to EBITDA | — | — | — |