NFT Ltd is a US-listed company in the diversified financial services industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$0.6
Price-to-book vs peers
Base case. Range ~$0.6–$47. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
NFT has little or no product revenue yet; it used $99m of cash in the twelve months. The diluted share count is up 111.1% on a year earlier, which dilutes existing holders. Our price-to-book vs peers value is $0.55 a share, against a share price of $0.40.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
NFT Ltd's trailing-twelve-month revenue fell 2.0% year on year, with a free-cash-flow margin of -13682.1%. Where it lags: change in share count of 111.1% ranks 9 of 11 diversified financial services companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to -2.0% (+63.6pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for MI from the sources we follow. See filings →
We value NFT Ltd as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.59 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.6 ~$9.4–$47 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.6 ~$0.6–$47 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NFT Ltd with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for NFT Ltd: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2018 | −$280.00 | −$934.40 | −233.7% |
| Jun 2018 | $80.00 | −$400.00 | −600.0% |
| Mar 2018 | −$40.00 | $160.00 | +500.0% |
| Dec 2017 | −$360.00 | −$112.00 | +68.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| MI | +174% | −86% | −66% | −62% | +13% | −100% |
| Industry peers (median) | −4% | −80% | −41% | −44% | −18% | −33% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| MI | 33% | 25% | 33% | 42% | 50% | 9% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| MI | −93% | −88% | −90% | −81% | −56% | −100% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 25, 2015: 100% from March 23, 2021 to November 2, 2026. Getting back needed a 70418748% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $3.4M |
| FY23 Q4 | $2.2M |
| FY24 Q4 | $740.7K |
| FY25 Q4 | $725.8K |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | -275.7% |
| FY23 Q4 | -40.7% |
| FY24 Q4 | -122.4% |
| FY25 Q4 | -148.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | 119.9% |
| FY23 Q4 | -14.7% |
| FY24 Q4 | -180.6% |
| FY25 Q4 | -13682.1% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 3 | 2 | 1 | 1 |
| Gross profit | 3 | 2 | 1 | 1 |
| Operating income | −9 | −1 | −1 | −1 |
| Net income | −10 | 5 | 6 | −1 |
| Growth (year on year) | ||||
| Revenue | — | −36.7% | −65.6% | −2.0% |
| Net income | — | — | +21.0% | −121.6% |
| Margins | ||||
| Gross margin | 77.0% | 74.2% | 74.1% | 73.5% |
| Operating margin | −275.7% | −40.7% | −122.4% | −148.1% |
| Net margin | −304.2% | 241.6% | 850.1% | −187.7% |
| Cash flow | ||||
| Cash from operations | 4 | −0 | −1 | −99 |
| Balance sheet | ||||
| Cash | 64 | 62 | 82 | 3 |
| Total debt | 2 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −62 | −62 | −82 | −3 |
| Diluted shares | — | 2m | 8m | 9m |
| Last 12 months unless stated | MI | DCM | GRAN | RMCO | SNTG | ABTS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $725781 | $1m | $2m | $6m | $68909 | $9m | $28m |
| Revenue growth, last 12 months | −2.0% | −95.0% | −58.3% | 133.5% | −35.9% | 36.0% | 30.9% |
| Revenue growth, latest quarter | — | −97.1% | — | 38.0% | — | — | 25.1% |
| Gross margin | 73.5% | 10.5% | 88.6% | 11.1% | 91.2% | 40.3% | 25.7% |
| Operating margin | −148.1% | −429.1% | −183.0% | −5.1% | <−999% | 40.3% | −148.1% |
| Operating margin, 3-year average | — | −144.9% | — | −20.1% | — | — | −144.9% |
| Net margin | −187.7% | −437.8% | −192.2% | −14.5% | <−999% | −31.4% | −65.5% |
| Cash from operations / revenue | <−999% | −107.9% | −40.6% | −2.3% | <−999% | 15.5% | −13.4% |
| Free-cash-flow margin | <−999% | −107.9% | −42.6% | −2.4% | <−999% | −18.5% | −30.5% |
| Free-cash-flow margin, 3-year average | — | −35.7% | — | −9.3% | — | — | −35.7% |
| Change in share count | 111.1% | 10.4% | 65.9% | 0.3% | 0.0% | 0.0% | 18.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -2.0% | 36.0% | 10 of 14 |
| Change in growth rate Growth | +63.6pp | +2.3pp | 5 of 14 |
| Operating margin Profitability | -148.1% | -148.1% | 6 of 11 |
| Net margin Profitability | -187.7% | -31.4% | 9 of 14 |
| Change in share count Balance sheet | 111.1% | 26.1% | 9 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Royal Bank Of Canada | $1,000 | 0K | 63.9% | — |
| Osaic Holdings, Inc. | $308 | 0K | 19.7% | — |
| UBS Group AG | $256 | 0K | 16.4% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NFT Ltd's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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