TNL Mediagene

TNMG

Publishing · Communication Services

Price

$0.53

-0.01 (-2.45%)

Market Cap

$700,050

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+37.9% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.2M (2022) → 1.7M (2025)

TNL Mediagene is a digital media company based in Asia that creates and publishes online news, technology, and lifestyle content. It operates several digital media brands targeting readers in Taiwan and Japan, covering topics like business, technology, and culture. The company serves general consumers as well as advertisers looking to reach engaged online audiences across these markets.

The company makes money primarily through digital advertising, sponsored content, and branded partnerships with businesses that want to reach its readership. It operates mainly in Taiwan and Japan, making it one of the few bilingual digital media groups spanning both markets in East Asia. With a negative operating margin of around 24% and a deeply negative return on invested capital, the company is currently spending more than it earns, which is a significant financial risk. The key challenge ahead is growing advertising revenue and achieving profitability before its cash resources run thin.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+74.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3M/ year

→ Flat (+2% vs prior year)

6.9% of revenue

Below sector average (12%)

Steady R&D investment year-over-year

Insider Activity

39.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

TNL Mediagene has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

31.1%

Modest — 31.1% gross margin

Operating Margin

-22.1%

Losing money on operations — -22.1%

ROCE

-53.2%

Weak — -53.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-7.2%

Shrinking sales (-7.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-11.8%

Burning cash (-11.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

19.36

Heavy debt load (19.36)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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