MeritValue

BEASLEY BROADCAST GROUP INC

BBGIdata completeness 100%16 fiscal years on file
The thesis, from the filings

BEASLEY BROADCAST GROUP INC earns about -22% on invested capital, and has bought back 94% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$241.4M1$256.4M2$247.1M3$240.3M4$205.9M4
Net income−$1.54M5−$42.1M6−$75.1M7−$5.89M8−$196.5M8
Operating cash flow−$1.91M9$11.1M10−$4.68M11−$3.71M12−$8.47M12
Capital expenditure$4.5M13$13.4M14$4.19M15$3.01M16$4.84M16
Free cash flow (derived)−$6.41M9−$2.22M10−$8.87M11−$6.73M12−$13.3M12
Total debt$587.6M17$570.9M18$528.4M19$494.2M20$238.1M20
Cash & equivalents$51.4M21$39.5M22$26.7M23$13.8M24$9.94M24
Diluted shares29.3M29.5M1.5M1.6M1.8M

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
−$274.25
your share of equity
Profit it earned you last year
−$1,092.7
Free cash flow it threw off
−$73.97
Debt you’d be carrying
$1,323.59

10 shares is a claim on −$274.25 of net worth that earned you −$1,092.7 and generated −$73.97 of cash last year, against $1,323.59 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-22% avg · 5y
FY21 2%FY22 -3%FY23 -9%FY24 2%FY25 -101%

It earned an average -22% 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
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 59% — deleveraging.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001193125-23-080428 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000950170-24-016348 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-045211 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-147594 (CashAndCashEquivalentsAtCarryingValue)