MeritValue

BBX Capital, Inc.

BBXIBdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BBX Capital, Inc. earns about -3% on invested capital, and has bought back 29% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$167.6M1$303.6M2$308.1M3$388.9M3$298M3
Net income−$42.3M4$46.9M5$28M6−$20.8M6−$63.9M6
Operating cash flow−$6.18M7$37.8M8$36.3M9−$11.2M9−$34M9
Capital expenditure$5.35M10$8.53M11$14.7M12$15.1M12$7.22M12
Free cash flow (derived)−$11.5M7$29.3M8$21.6M9−$26.3M9−$41.2M9
Total debt—————
Cash & equivalents$90M13$118M14$127.6M15$90.3M15$87.7M15
Diluted shares19.3M17.8M15.5M14.4M13.7M

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
$179.63
your share of equity
Profit it earned you last year
−$46.74
Free cash flow it threw off
−$30.13
Debt you’d be carrying
—

10 shares is a claim on $179.63 of net worth that earned you −$46.74 and generated −$30.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY20 -21%FY21 24%FY22 14%FY23 -7%FY24 -27%

It earned an average -3% 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
−29% shares · 5y

Share count is down 29% 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
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 2020-12-31 · accession 0001437749-23-006724 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001437749-24-008085 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001437749-25-008868 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001437749-23-006724 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-24-008085 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-25-008868 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001437749-23-006724 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001437749-24-008085 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-25-008868 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001437749-23-006724 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001437749-24-008085 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001437749-25-008868 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2020-12-31 · accession 0001437749-23-006724 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2021-12-31 · accession 0001437749-24-008085 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001437749-25-008868 (CashAndCashEquivalentsAtCarryingValue)