MeritValue

Atlanticus Holdings Corp

ATLCdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Atlanticus Holdings Corp earns about 171% on invested capital, and has bought back 8% of its shares over 5 years. The applicable estimate puts fair value near $66.04 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$30.6M1$42.8M2$160.9M3$204.7M4$309.6M4
Net income$177.9M5$135.6M6$102.8M7$111.3M8$122.2M8
Operating cash flow$212.4M9$347.6M10$459.3M11$469.4M12$638M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents——$339.3M13$375.4M14$621.1M14
Diluted shares20.9M19.4M18.9M18.8M19.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$317.44
your share of equity
Profit it earned you last year
$63.73
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $317.44 of net worth that earned you $63.73 last year.

iii. Is this a good business?
Moat signal · return on invested capital
171% avg · 5y
FY21 77%FY22 64%FY23 341%FY24 202%FY25 —

It earned an average 171% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$66.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$122.2M
  • growthAssumed0.0%
Graham Number
$65.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-031044 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-006440 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007559 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007972 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-031044 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-006440 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007559 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007972 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-031044 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-006440 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007559 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007972 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001437749-25-007559 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001437749-26-007972 (CashAndCashEquivalentsAtCarryingValue)