Trump Media & Technology Group Corp.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because the core business has fallen far short of covering its costs for years (2025: $3.68M of revenue, $119.1M of G&A), results hinge on the bitcoin price, noteholders can demand up to $1 billion — more than half of the financial assets — on November 30, 2026, and the merger partner with which the company is to combine on equal terms carries a going-concern disclosure in the S-4. Trump Media itself carries no such disclosure, and on paper its June 30, 2026 assets cover the notes. Whether $6.99 (October 16, 2026) is a reasonable price is not what this rating answers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Trump Media has substantial financial assets but a very small operating business: $1,863.1M of financial assets against $3.68M of annual revenue. Results follow the bitcoin price, $1B of convertible notes can be put back on 11/30/2026, and the planned merger ties the assets to a fusion developer whose ability to continue as a going concern is in substantial doubt, according to the S-4. Trump Media reports no such doubt about itself. Not investment advice.
Financial assets
$1,863.1M of financial assets and $1,022.9M of equity (06/30/2026); operating cash outflow of only $13.7M in the first half of 2026.
Media business
2025 revenue of only $3.68M against $119.1M of G&A; Truth Social advertising revenue declined in the second quarter of 2026, according to the 10-Q.
Convertible notes
Holder put of up to $1B on 11/30/2026; conversion price about $34.72 vs. a $6.99 share price (10/16/2026); the S-4 warns cash or financing may not suffice.
Bitcoin dependence
59.4% of total assets in crypto assets and equity securities (06/30/2026); average cost of the 02/25/2026 holdings about $118,500 per bitcoin; losses of $403.2M (2025) and $360.6M (H1 2026).
TAE merger
Partner with a $184.3M loss (FY to 03/31/2026) and going-concern doubt per the S-4; $200M already lent, up to $100M more possible through 11/29/2026.
New revenue
Truth API since 08/01/2026 with more than ten customer agreements, Truth.Fi ETFs, Truth+ subscriptions; Q2 2026 revenue up 89%, but to $1.67M.
Worth Noting
Version of October 18, 2026, based on the 10-K for 2025, the 10-Qs for March 31 and June 30, 2026 (latest periodic report, filed 08/10/2026), the earnings release of 08/10/2026, the Form S-4 of 09/30/2026 and all SEC filings through 10/18/2026. Triggered by the Reddit hype scanner, not a fundamentals screen.
Politically charged ticker: this analysis assesses only figures and required disclosures from SEC filings, not people and not politics. The former name in EDGAR, Digital World Acquisition Corp., belongs to the SPAC shell until March 2024.
The price anchor is the $6.99 close on 10/16/2026 (source: fundamental data). Market value, net financial position, conversion price and average cost per bitcoin are our own calculations; trailing four-quarter revenue ($4.5M) equals full-year 2025 minus the first half of 2025 plus the first half of 2026.
Stock Watch
This analysis is as of October 18, 2026. Stock Watch will tell you what's changed at DJT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.80 $ to 16.10 $ · Last price: 5.60 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Internet Content & Information
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Trump Media & Technology Group Corp. DJT | 1.6 | – | -51.9 | 33.7 | -33,687.8 | 1.8 | -63.8 |
| Alphabet Inc Class C GOOG | 3,421.2 | 21.2 | 17.9 | 60.9 | 36.1 | 15.1 | -1.1 |
| Alphabet Inc Class A GOOGL | 3,414.3 | 21.4 | 10.4 | 60.9 | 36.1 | 15.1 | -0.3 |
| Meta Platforms Inc. META | 1,565.7 | 22.8 | 15.3 | 81.0 | 40.6 | 22.2 | -7.4 |
| Spotify Technology SA SPOT | 122.0 | 44.2 | 28.3 | 33.1 | 15.8 | 9.7 | -9.6 |
| Nebius Group N.V. NBIS | 34.0 | – | 37.9 | 74.3 | – | – | 37.5 |
| Baidu Inc BIDU | 25.9 | – | 48.4 | 40.9 | 10.0 | -3.0 | -37.3 |
| Reddit, Inc. RDDT | 18.6 | 26.9 | 31.2 | 91.4 | 27.6 | 69.4 | -52.8 |
| Tencent Music Entertainment Group TME | 13.8 | 10.0 | 6.9 | 44.3 | 30.4 | 15.9 | -61.1 |
| Median of companies shown | 34.0 | 22.1 | 17.9 | 60.9 | 29.0 | 15.1 | -9.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 0 | -6 | -59 | -0.59 | -4 | -59 | 19 |
| 2022 | 1 | -19 | -15 | -0.15 | -24 | -9 | 11 |
| 2023 | 4 | -16 | -58 | -0.58 | -10 | -67 | 3 |
| 2024 | 4 | -186 | -401 | -2.36 | -61 | 914 | 938 |
| 2025 | 4 | -170 | -712 | -2.80 | 15 | 1,647 | 2,839 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.17 | – | 1 | 33.10 | -3,761.10 | -8 | -8 |
| 2025: Q1 | -0.14 | – | 1 | 6.50 | -3,864.40 | -10 | -10 |
| 2025: Q2 | -0.08 | – | 1 | 5.50 | -2,263.00 | 2 | 2 |
| 2025: Q3 | -0.20 | – | 1 | -3.80 | -5,632.90 | 10 | 10 |
| 2025: Q4 | -2.19 | – | 1 | 0.40 | -60,253.10 | 12 | 12 |
| 2026: Q1 | -1.47 | – | 1 | 6.10 | -46,591.60 | 18 | 18 |
| 2026: Q2 | -0.86 | -975.00 | 2 | 88.90 | -14,000.00 | -32 | -32 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
- Below the 50- & 200-SMA
- Beneish M-Score
- Going Concern (Distress Proxy)
- Near 52-Week Low
- RS Weakness (≤10)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
- Weakness Cluster
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 38.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $8.5M |
|---|---|
| Market cap | $1.58B |
| Free cash flow in year ten | $227.5M |
| Terminal value as a share of market value | 75.9% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 18.10.2026 gegen die Geschäftsberichte (10-K) für 2025 (eingereicht 27.02.2026) und 2024 (14.02.2025) sowie die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025: Trump Media setzt KI als Werkzeug in den eigenen Plattformen ein — seit August 2025 die Suchfunktion „Truth Search AI“ auf Truth Social (Betatest, später um einen Gesprächsverlauf erweitert) und für die Inhaltsmoderation den KI-Dienstleister HIVE neben menschlichen Moderatoren. Der Umsatz (2025: 3,68 Mio. USD) stammt aus Werbung und Abonnements, 2026 kommen ETF-Gebühren und der Datenzugang Truth API hinzu, nicht aus dem Verkauf von KI-Produkten; ein Risiko, durch KI verdrängt zu werden, beschreiben die Berichte nicht als Kernrisiko. Nach dem Kriterienkatalog daher „nutzt“. Hinweis: Die geplante Fusion mit TAE Technologies (Stromsteuerung für KI-Rechenzentren) ist nicht vollzogen; nach einem Vollzug ist die Akte neu zu prüfen.
View the full file — quotes, sources, reviewed filings
„In August 2025, TMTG announced that it had begun beta testing its new AI search feature, Truth Search AI, on the Truth Social platform."
Im August 2025 gab TMTG bekannt, dass es mit dem Betatest seiner neuen KI-Suchfunktion Truth Search AI auf der Plattform Truth Social begonnen hatte.
10-K · 2026-02-27 · View SEC filing
„The update also enhanced Truth Search AI with conversation history, added group truth titles, and enabled access to version history for all users."
Das Update erweiterte außerdem Truth Search AI um einen Gesprächsverlauf, führte Titel für Gruppenbeiträge ein und machte den Versionsverlauf für alle Nutzer zugänglich.
10-K · 2026-02-27 · View SEC filing
„Using human moderators and an artificial intelligence vendor known as HIVE, Truth Social has developed what TMTG believes is a robust, fair, and viewpoint-neutral moderation system …"
Mithilfe menschlicher Moderatoren und eines KI-Dienstleisters namens HIVE hat Truth Social nach Überzeugung von TMTG ein robustes, faires und meinungsneutrales Moderationssystem entwickelt …
10-K · 2026-02-27 · View SEC filing
Filings Reviewed: 10-Q 2026-08-10 · 10-Q 2026-05-08 · 10-K 2026-02-27 · 10-Q 2025-11-07 · 10-Q 2025-08-01 · 10-K 2025-02-14
Rated on October 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 35.8%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 36.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 386.9%
- Gross margin at 40% or higher and without meaningful erosion 54.5%
- Goodwill from acquisitions does not grow faster than revenue 4.3%
- Net debt below twice EBITDA 242 m net cash
- Operating cash flow covers the profits of the last three years 1,115 m
- Return on capital at 15% or higher, or up versus two years ago -9.1%
- Insiders hold at least 10% or are net buyers 42.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -167.0%
- ROCE > 15% -9.1%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | McGurn Kevin | Interim CEO | Other | 7,958 | 8.89 | 70,718 |
| Aug 13, 2026 | Juhan Phillip | Chief Financial Officer | Other | 18,817 | 8.33 | 156,680 |
| Aug 13, 2026 | Glabe Scott | General Counsel | Other | 25,546 | 8.33 | 212,670 |
| Aug 13, 2026 | Novachki Vladimir | Chief Technology Officer | Other | 29,957 | 8.33 | 249,395 |
| Aug 13, 2026 | McGurn Kevin | Interim CEO | Other | 16,509 | 8.33 | 137,441 |
The company
About the Company
Trump Media & Technology Group Corp. ist in den Bereichen Social Media und Streaming in den USA tätig.
- Employees
- 31
- Headquarters
- Sarasota, FL
- Address
- 401 N. Cattlemen Rd., 34232 Sarasota, United States
- Phone
- 941 735 7346
- Website
- tmtgcorp.com
- IPO Date
- 09/30/2021
- ISIN
- US25400Q1058
Management
| Name | Title | Birth Year |
|---|---|---|
| Phillip Juhan | CFO & Treasurer | 1975 |
| Vladimir Novachki | Chief Technology Officer | 1988 |
| Scott Glabe | General Counsel & Secretary | 1984 |
| Kevin J. McGurn | Interim Chief Executive Officer | 1973 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/30/2026 Trump Media & Technology Group Corp. (DJT): Entry into a Material Definitive Agreement; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/28/2026 Trump Media & Technology Group Corp. (DJT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Trump Media & Technology Group Corp. (DJT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Trump Media & Technology Group Corp. (DJT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/07/2026 Trump Media & Technology Group Corp. (DJT): Termination of a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 08/07/2026 Trump Media & Technology Group Corp. (DJT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 Trump Media & Technology Group Corp. (DJT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Trump Media & Technology Group Corp. (DJT): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.