MeritValue

AMREP CORP.

AXRdata completeness 100%16 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$40.1M1$58.9M2$48.7M3$51.4M4$49.7M4
Net income$7.39M5$15.9M6$21.8M7$6.69M8$12.7M8
Operating cash flow$12.6M9$15.5M10$6.39M11$10.7M12$10.2M12
Capital expenditure$5,00013$1.29M14$131,00015$457,00016$583,00016
Free cash flow (derived)$12.6M9$14.2M10$6.26M11$10.3M12$9.66M12
Total debt$3.48M17$2.03M17$44,00018$35,00019$26,00020
Cash & equivalents$24.8M21$15.7M22$20M23$29.7M24$39.5M24
Diluted shares7,7737,1935,3075.3M5.4M

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
You’d own
0.00019%
of the whole company
Your share of last year’s profit
$23.68
Your share of its debt
$0.05
Your share of free cash flow
$17.99
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$31.67
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$9.66M
DCF · Growth Exit 5Y
$33.68
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$9.66M
Earnings Power Value
$24.96
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$12.7M
  • growthAssumed0.0%
Graham Number
$35.93
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $33.68

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (NetIncomeLoss)
  6. 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (NetIncomeLoss)
  9. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (LongTermDebt)
  18. 10-K · period ending 2023-04-30 · accession 0001410578-23-001494 (LongTermDebt)
  19. 10-K · period ending 2024-04-30 · accession 0001410578-24-001102 (LongTermDebt)
  20. 10-K · period ending 2025-04-30 · accession 0001410578-25-001515 (LongTermDebt)
  21. 10-K · period ending 2021-04-30 · accession 0001410578-22-001969 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (CashAndCashEquivalentsAtCarryingValue)