MeritValue

FLANIGANS ENTERPRISES INC

BDLdata completeness 100%17 fiscal years on file

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

The thesis, from the filings

FLANIGANS ENTERPRISES INC earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $11.01 and $27.95 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 2022FY 2022FY 2023FY 2024FY 2025
Revenue$158.1M1—$174.4M2$187.2M3$205.2M3
Net income$6.31M4$9.05M4$4M5$3.36M6$5.03M6
Operating cash flow$10.5M7—$8.49M8$6.63M9$10.5M9
Capital expenditure$4.02M10—$13.2M11$3.45M12$5.83M12
Free cash flow (derived)$6.49M7—−$4.69M8$3.19M9$4.68M9
Total debt$51.1M13—$46.6M14$44.1M15$41.5M15
Cash & equivalents$42.1M16—$25.5M17$21.4M17$20.1M17
Diluted shares1.9M—1.9M1.9M1.9M

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
$350.56
your share of equity
Profit it earned you last year
$27.08
Free cash flow it threw off
$25.18
Debt you’d be carrying
$223.15

10 shares is a claim on $350.56 of net worth that earned you $27.08 and generated $25.18 of cash last year, against $223.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY22 15%FY22 —FY23 8%FY24 6%FY25 9%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 19% — 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 v0.5.0

The 3 estimate methods that apply put fair value between $11.01 and $27.95 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
$11.01
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.19M
DCF · Growth Exit 5Y
$12.84
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.19M
Earnings Power Value
$27.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.03M
  • growthAssumed0.0%
Graham Number
$46.23
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 years0.0%
Discount rate (WACC)8.97%
Terminal growth2.5%
At your growth, a share is worth $12.84
The three cases
Bear0.0%$12.84
Base0.0%$12.84
Bull5.0%$18.72

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 2022-10-01 · accession 0001174947-23-001489 (Revenues)
  2. 10-K · period ending 2023-09-30 · accession 0001174947-24-001397 (Revenues)
  3. 10-K · period ending 2024-09-28 · accession 0001174947-25-001463 (Revenues)
  4. 10-K · period ending 2022-10-01 · accession 0001174947-23-001489 (NetIncomeLoss)
  5. 10-K · period ending 2023-09-30 · accession 0001174947-24-001397 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-28 · accession 0001174947-25-001463 (NetIncomeLoss)
  7. 10-K · period ending 2022-10-01 · accession 0001174947-23-001489 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001174947-24-001397 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-28 · accession 0001174947-25-001463 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-01 · accession 0001174947-23-001489 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001174947-24-001397 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-09-28 · accession 0001174947-25-001463 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-10-01 · accession 0001174947-23-001489 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-09-30 · accession 0001174947-24-001397 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-09-28 · accession 0001174947-25-001463 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-10-01 · accession 0001174947-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-09-30 · accession 0001174947-25-001463 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)