TEN Holdings, Inc. (NASDAQ: XHLD)

Sector: Communication Services Industry: Broadcasting CIK: 0002030954
Market Cap 3.28 Mn
P/B 0.87
P/E -0.30
P/S 1.02
ROIC (Qtr) -99.09
Div Yield % 0.00
Rev 1y % (Qtr) 1.50
Total Debt (Qtr) 5.09 Mn
Debt/Equity (Qtr) 1.35
Add ratio to table...

About

Investment thesis

Bull case

  • Tangible assets of 6.44M provide exceptional 25.15x coverage of deferred revenue 256000, showing strong service capability backing.
  • Operating cash flow of (9.76M) fully covers other non-current liabilities (256000) by 38.11x, showing strong long-term stability.
  • Tangible assets of 6.44M provide robust 4.72x coverage of other current liabilities 1.36M, indicating strong asset backing.
  • Cash position of 310000 provides strong 1.21x coverage of deferred revenue 256000, ensuring service delivery capability.
  • Operating cash flow of (9.76M) exceeds working capital of (3.36M) by 2.90x, showing strong operational efficiency.

Bear case

  • Operating cash flow of (9.76M) provides insufficient coverage of deferred revenue obligations of 256000, which is -38.11x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (9.76M) shows concerning coverage of stock compensation expenses of 3.52M, with a -2.77 ratio indicating potential earnings quality issues.
  • Free cash flow of (10.80M) provides weak coverage of capital expenditures of 1.05M, with a -10.31 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (10.48M) show weak coverage of depreciation charges of 668000, with a -15.70 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of (9.76M) provides minimal -1084.11x coverage of tax expenses of 9000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer comparison

Companies in the Broadcasting
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NXST Nexstar Media Group, Inc. 8.26 Bn 23.87 1.67 6.40 Bn
2 TGNA Tegna Inc 4.06 Bn 7.22 1.41 2.59 Bn
3 SBGI Sinclair, Inc. 1.07 Bn 0.49 0.18 4.24 Bn
4 SSP E.W. SCRIPPS Co 0.81 Bn -7.98 0.35 2.74 Bn
5 IHRT iHeartMedia, Inc. 0.53 Bn -1.32 0.14 5.87 Bn
6 FUBO FuboTV Inc. 0.46 Bn 2.96 0.17 0.41 Bn
7 GTN Gray Media, Inc 0.23 Bn -7.34 0.80 5.68 Bn
8 NMAX Newsmax Inc. 0.20 Bn -2.81 1.18 0.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.63 0.87
EV to Cash from Ops. EV/CFO -0.69 -0.15
EV to Debt EV to Debt 1.33 6.39
EV to EBIT EV/EBIT -0.64 3.66
EV to EBITDA EV/EBITDA -0.80 3.24
EV to Free Cash Flow [EV/FCF] EV/FCF -0.62 7.40
EV to Market Cap EV to Market Cap 2.06 6.46
EV to Revenue EV/Rev 2.10 1.70
Price to Book Value [P/B] P/B 0.87 614.59
Price to Earnings [P/E] P/E -0.30 -1.43
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -21.94
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 114.41
Dividend per Basic Share Div per Share (Qtr) 0.00 0.74
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 23.53
Interest Coverage Int. cover (Qtr) -37.18 -1.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 1.13 19.60
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 20.62 18.99
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 17.54
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -434.96 546.44
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -364.43 -17.28
EBIT Growth (1y) % EBIT 1y % (Qtr) -432.50 266.27
EBT Growth (1y) % EBT 1y % (Qtr) -405.73 -496.56
EPS Growth (1y) % EPS 1y % (Qtr) -360.00 -40.46
FCF Growth (1y) % FCF 1y % (Qtr) -305.59 25.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -14.79 3.01
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.30 0.48
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.20
Cash Ratio Cash Ratio (Qtr) 0.05 0.41
Current Ratio Curr Ratio (Qtr) 0.48 1.64
Debt to Equity Ratio Debt/Equity (Qtr) 1.35 2.17
Interest Cover Ratio Int Coverage (Qtr) -37.18 -1.29
Times Interest Earned Times Interest Earned (Qtr) -37.18 -1.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -305.30 -11.99
EBIT Margin % EBIT Margin % (Qtr) -326.03 -20.47
EBT Margin % EBT Margin % (Qtr) -334.79 -27.40
Gross Margin % Gross Margin % (Qtr) 80.80 34.96
Net Profit Margin % Net Margin % (Qtr) -335.10 -28.49