Binah Capital Group, Inc.
BCGdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Binah Capital Group, Inc. earns about -3% on invested capital, below its ~9% cost of capital, but has diluted owners by 2% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $0.35 and $3.44 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $159.9M1 | $164.4M2 | $182M2 |
| Net income | $571,0003 | −$5.29M4 | $2.31M4 |
| Operating cash flow | $2.55M5 | −$617,0006 | $5.15M6 |
| Capital expenditure | $80,0007 | $85,0008 | $61,0008 |
| Free cash flow (derived) | $2.47M5 | −$702,0006 | $5.09M6 |
| Total debt | — | — | — |
| Cash & equivalents | $7.62M9 | $8.49M9 | $10.7M9 |
| Diluted shares | — | 16.6M | 17.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $10.76 of net worth that earned you $1.36 and generated $3 of cash last year.
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 →Share count is up 2% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.35 and $3.44 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$2.47M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$2.47M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$571,000
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.71 |
| Base | 5.0% | $3.22 |
| Bull | 10.0% | $3.82 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2023-12-31 · accession 0001410578-25-000604 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001104659-26-037897 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001410578-25-000604 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001104659-26-037897 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001410578-25-000604 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001104659-26-037897 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001410578-25-000604 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001104659-26-037897 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001104659-26-037897 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)