MeritValue

Beacon Financial Corp

BBTdata completeness 100%17 fiscal years on file

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

The thesis, from the filings

Beacon Financial Corp earns about 21% on invested capital, far above its ~9% cost of capital, but has diluted owners by 77% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $10.67 and $31.27 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$46.1M1$40.9M2$16.2M3$16.5M3$29.9M3
Net income$118.7M4$92.5M5$75M6$68.7M6$90.3M6
Operating cash flow$84.8M7$110.7M8$116.6M9$105M9$224.4M9
Capital expenditure$1.61M10$1.5M11$12.4M12$4.99M12$12.3M12
Free cash flow (derived)$83.2M7$109.2M8$104.2M9$100M9$212.2M9
Total debt$110.8M13$125.5M14$506.6M15$1.62B16$788.4M16
Cash & equivalents$1.63B17$383M18$133M18$543.7M19$2.04B19
Diluted shares49.6M45.9M88.5M89.3M87.7M

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
$284.61
your share of equity
Profit it earned you last year
$10.29
Free cash flow it threw off
$24.19
Debt you’d be carrying
$89.89

10 shares is a claim on $284.61 of net worth that earned you $10.29 and generated $24.19 of cash last year, against $89.89 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 5y
FY21 —FY22 17%FY23 15%FY24 14%FY25 37%

It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+77% shares · 5y

Share count is up 77% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 611% 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 $10.67 and $31.27 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
$29.99
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$104.2M
DCF · Growth Exit 5Y
$31.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$104.2M
Earnings Power Value
$10.67
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$90.3M
  • growthAssumed0.0%
Graham Number
$25.68
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $31.27
The three cases
Bear0.0%$31.27
Base0.0%$31.27
Bull5.0%$35.38

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

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 2021-12-31 · accession 0001108134-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001108134-25-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-013247 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001108134-24-000003 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001108134-25-000003 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-013247 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001108134-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001108134-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-013247 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001108134-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001108134-25-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-013247 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001108134-23-000006 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001108134-24-000003 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001108134-25-000003 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-013247 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001108134-23-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-26-013247 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-12-31 · accession 0001628280-26-013247 (CashAndCashEquivalentsAtCarryingValue)