Enigmatig Limited Class A (EGG) AI Stock Analysis

• Market Cap: $154.59M
• Dividend Yield: N/A
• Average Volume (3M): 58.25K
• Price to Earnings (P/E): 396.9
• Beta (1Y): 0.66
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 15
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): N/A
• Shares Outstanding: 12,255,200
• 10 Day Avg. Volume: 51,740
• 30 Day Avg. Volume: 58,246
• PEG Ratio: -8.15
• Price to Book (P/B): 13.09
• Price to Sales (P/S): 48.00
• P/FCF Ratio: -108.94
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 26.27
• Enterprise Value/Gross Profit: 35.32
• Enterprise Value/Ebitda: 59.23
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $5.50 ▲(1.66% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is held back primarily by persistently negative operating and free cash flow (2021–2025) alongside a sharp revenue decline in 2025, despite improved profitability versus earlier years. Technical signals are mixed and broadly neutral, and valuation inputs (P/E, dividend yield) are unavailable, limiting conviction from valuation.

Positive Factors

Recurring corporate services and international footprint

A recurring corporate-secretarial and license services model delivers structural revenue predictability and high client stickiness. Combined with an established presence across Asia and Europe, this supports durable client retention, scalable cross-border upsell and less cyclical revenue than one-off consulting.

High and improving gross margins

Sustained gross margins near 70% indicate a high-margin service mix with limited variable costs. This structural margin advantage enables operating leverage as scale returns, cushions profitability versus revenue swings, and supports reinvestment or targeted M&A to extend service offerings.

Stronger liquidity after NYSE listing

A materially stronger cash position after the listing provides a durable liquidity buffer to fund growth, absorb one-off IPO costs, pursue strategic M&A (e.g., MOU with TVA Capital), and reduce near-term refinancing risk while the business stabilizes cash generation.

Negative Factors

Persistent negative operating and free cash flow

Consistent negative operating and free cash flow over multiple years indicates weak cash conversion and low cash-generative quality of reported profits. This structural weakness forces reliance on financing or equity raises, limits reinvestment capacity and raises sustainability concerns if cash burn persists.

Revenue volatility and recent sharp decline

Large swings in top-line, including a sharp revenue decline in 2025, undermine scalability and make margin forecasts less reliable. Structural demand or execution issues could impair long-term growth trajectory and require renewed investment in sales or product repositioning to restore scale.

Inconsistent capitalization and balance-sheet swings

Material fluctuations in equity and episodic capital changes raise questions about recurring capital needs, potential dilution and accounting consistency. This reduces visibility into long-term leverage capacity and increases the risk that future operational shortfalls will necessitate additional external funding.

Enigmatig Limited Class A Business Overview & Revenue Model

Company Description

Enigmatig Limited, together with its subsidiaries, provides consulting services for financial institutions in Singapore, Hong Kong and mainland China. The company offers licensing advisory services, such as advising on establishing a business plan, creating operation, risk and compliance manuals, and assisting clients find and negotiating; and corporate secretarial and support services, including filing of regulatory documents, maintaining company registers, compiling articles of incorporation, and coordinating with financial institutions to open new bank accounts and compiling applicable regulatory documentation for establishment of new entities. It also provides management consultancy; client relationship management and software; fintech; and formation or management of international business companies. The company formerly known as Desfran Holdings Limited and changed its name to Enigmatig Limited in April 2024. Enigmatig Limited was founded in 2010 and is headquartered in Singapore.

How the Company Makes Money

Enigmatig Limited Class A generates revenue through multiple streams, primarily from the sale of software licenses for its cybersecurity products and subscription fees for its cloud-based services. The company also offers consulting services to help businesses implement robust security measures, which contributes to its earnings. Additionally, EGG has established strategic partnerships with key players in the tech industry, allowing it to expand its market reach and enhance its product offerings. These collaborations often lead to joint marketing initiatives and bundled service packages that further drive sales.

Enigmatig Limited Class A Financial Statement Overview

Summary

Reported profitability improved versus 2021 with positive EBIT in recent years, but revenue turned negative in 2024 and fell sharply in 2025 (~38%). The largest concern is cash quality: operating cash flow and free cash flow are negative in every year shown (2021–2025), indicating weak cash conversion despite accounting profits.

Income Statement

Profitability improved meaningfully from 2021 (loss-making) to 2022–2025 (profitable), with solid gross profit dollars and positive EBIT in recent years. However, the growth profile has weakened: revenue rose strongly in 2022–2023, then turned negative in 2024 and fell sharply again in 2025 (annual revenue down ~38%), and operating profit declined from the 2023 peak—suggesting pressure on scale and earnings momentum.

Balance Sheet

The balance sheet shows improved capitalization versus earlier years when equity was negative (2021–2022), and leverage looks manageable in 2024 with relatively low debt versus equity. That said, debt levels and equity swing materially across periods (including a large step-up in 2025 equity/assets), which reduces transparency and raises questions about consistency of the capital structure and reported stability.

Cash Flow

Cash generation is the key weakness: operating cash flow is negative every year shown (2021–2025), and free cash flow is also consistently negative, with a particularly large deterioration in 2025. Despite positive net income in recent years, the business is not converting profits into cash, increasing reliance on external funding or balance-sheet resources.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	5.50M	3.38M	3.97M	4.61M	2.82M	1.95M
Gross Profit	4.09M	2.30M	2.66M	3.13M	1.23M	596.34K
EBITDA	2.44M	434.07K	1.06M	1.49M	408.32K	-215.08K
Net Income	2.20M	425.42K	821.19K	1.13M	137.69K	-394.83K
Balance Sheet
Total Assets	5.54M	14.13M	3.48M	4.03M	2.45M	1.00M
Cash, Cash Equivalents and Short-Term Investments	3.38M	10.24M	1.59M	2.35M	447.88K	332.87K
Total Debt	1.05M	865.71K	137.80K	1.14M	883.93K	550.03K
Total Liabilities	2.62M	1.73M	1.70M	3.21M	2.80M	1.45M
Stockholders Equity	2.92M	12.41M	1.78M	812.68K	-344.81K	-446.89K
Cash Flow
Free Cash Flow	194.21K	-1.49M	-606.11K	-62.75K	-344.02K	-508.63K
Operating Cash Flow	194.10K	-1.30M	-602.87K	-58.68K	-340.75K	-503.99K
Investing Cash Flow	22.31K	-209.68K	1.93M	451.53K	-3.27K	-4.64K
Financing Cash Flow	208.00	10.40M	-1.06M	347.33K	477.89K	175.00K

Enigmatig Limited Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SIF	60 Neutral	$68.37M	22.00	-2.77%	―	-13.90%	87.70%
OESX	54 Neutral	$52.16M	-8.61	-34.79%	―	-12.77%	23.37%
EGG	52 Neutral	$154.59M	396.94	―	―	―	―
DFLI	44 Neutral	$30.32M	-0.09	―	―	18.24%	24.49%
XPON	42 Neutral	$7.38M	-0.92	-35.47%	―	109.37%	99.34%

Enigmatig Limited Class A Corporate Events

Enigmatig Limited Posts Double-Digit 2025 Revenue Growth After NYSE American Debut

Enigmatig Limited, a Singapore-based provider of licensing, fintech, regtech and broader corporate services, enables businesses to expand and comply with regulations across major financial hubs such as London, Hong Kong and key offshore centers. The company focuses on recurring corporate secretarial work and license-related services for an international client base, leveraging its presence in Asia and Europe.

On February 17, 2026, Enigmatig reported audited results for the fiscal year ended September 30, 2025, showing a 12.2% rise in corporate services income to US$4.5 million and a gross margin improvement to 68.8%, despite net profit easing to US$0.6 million amid higher, mostly one-off IPO-related costs. Following its August 2025 NYSE American listing and a September 2025 MOU with Thailand’s TVA Capital to pursue advisory and M&A work, the company strengthened its cash position to US$13.2 million, underscoring both the scalability of its recurring service model and its ambitions to deepen its Asia Pacific footprint.

The most recent analyst rating on (EGG) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Enigmatig Limited Class A stock, see the EGG Stock Forecast page.