MeritValue

Concrete Pumping Holdings, Inc.

BBCPdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Concrete Pumping Holdings, Inc. earns about 3% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $3.16 and $32.16 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$315.8M1$376.7M2$411.2M3$391.3M4$356.2M4
Net income−$15.1M5$28.7M6$31.8M7$16.2M8$6.37M8
Operating cash flow$75.8M9$76.7M10$96.9M11$86.9M12$64.3M12
Capital expenditure$62.8M13$101.9M14$54.5M15$43.8M16$46.8M16
Free cash flow (derived)$13M9−$25.2M10$42.4M11$43.1M12$17.5M12
Total debt$739.2M17$741M18$743.7M19$746.5M20$835.8M20
Cash & equivalents$9.3M21$7.48M22$15.9M23$43M24$44.4M24
Diluted shares53.4M54.9M54.2M54.2M52.7M

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
$50.26
your share of equity
Profit it earned you last year
$1.21
Free cash flow it threw off
$3.33
Debt you’d be carrying
$158.63

10 shares is a claim on $50.26 of net worth that earned you $1.21 and generated $3.33 of cash last year, against $158.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 1%FY22 5%FY23 5%FY24 3%FY25 1%

It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 13% over the same window.

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 v0.5.0

The 3 estimate methods that apply put fair value between $3.16 and $32.16 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$32.16
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$42.4M
DCF · Growth Exit 5Y
$10.83
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$42.4M
Earnings Power Value
$3.16
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$16.2M
  • growthAssumed0.0%
Graham Number
$3.23
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $10.83
The three cases
Bear0.0%−$3.68
Base20.0%$10.83
Bull20.0%$10.83

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= 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 2021-10-31 · accession 0001437749-23-002137 (Revenues)
  2. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-10-31 · accession 0001437749-23-002137 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (NetIncomeLoss)
  8. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-31 · accession 0001437749-23-002137 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-31 · accession 0001437749-23-002137 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-10-31 · accession 0001437749-23-002137 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-10-31 · accession 0001437749-23-002137 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-10-31 · accession 0001437749-24-001415 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-10-31 · accession 0001437749-25-000800 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-10-31 · accession 0001437749-26-001203 (CashAndCashEquivalentsAtCarryingValue)