MeritValue

BIRKS GROUP INC.

BGIdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

BIRKS GROUP INC. earns about -146% on invested capital, but has diluted owners by 8% over 5 years — worth asking whether the growth reaches owners. 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$143.1M1$181.3M2$163M3$185.3M3$177.8M3
Net income−$5.84M4$1.29M5−$7.43M6−$4.63M6−$12.8M6
Operating cash flow−$1.72M7$18.6M8−$6.93M9−$170,0009−$1.91M9
Capital expenditure$2.98M10$4.61M11$8.38M12$6.28M12$7.01M12
Free cash flow (derived)−$4.7M7$14M8−$15.3M9−$6.45M9−$8.92M9
Total debt$23.1M13$21.4M14$22.2M15$26.9M16$21.4M16
Cash & equivalents$1.81M17$2.01M17$1.26M18$1.78M19$1.51M19
Diluted shares18.0M18.8M18.7M19.1M19.4M

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
−$9.3
your share of equity
Profit it earned you last year
−$6.62
Free cash flow it threw off
−$4.61
Debt you’d be carrying
$11.04

10 shares is a claim on −$9.3 of net worth that earned you −$6.62 and generated −$4.61 of cash last year, against $11.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-146% avg · 5y
FY21 -23%FY22 5%FY23 -37%FY24 -27%FY25 -650%

It earned an average -146% 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
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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. 20-F · period ending 2021-03-27 · accession 0001193125-23-172888 (Revenues)
  2. 20-F/A · period ending 2022-03-26 · accession 0001193125-24-181045 (Revenues)
  3. 20-F · period ending 2023-03-25 · accession 0001193125-25-165500 (Revenues)
  4. 20-F · period ending 2021-03-27 · accession 0001193125-23-172888 (NetIncomeLoss)
  5. 20-F/A · period ending 2022-03-26 · accession 0001193125-24-181045 (NetIncomeLoss)
  6. 20-F · period ending 2023-03-25 · accession 0001193125-25-165500 (NetIncomeLoss)
  7. 20-F · period ending 2021-03-27 · accession 0001193125-23-172888 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F/A · period ending 2022-03-26 · accession 0001193125-24-181045 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-25 · accession 0001193125-25-165500 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-03-27 · accession 0001193125-23-172888 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F/A · period ending 2022-03-26 · accession 0001193125-24-181045 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-03-25 · accession 0001193125-25-165500 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-03-27 · accession 0001193125-22-180536 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-03-26 · accession 0001193125-23-172888 (LongTermDebtNoncurrent)
  15. 20-F/A · period ending 2023-03-25 · accession 0001193125-24-181045 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-03-30 · accession 0001193125-25-165500 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-03-27 · accession 0001193125-23-172888 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F/A · period ending 2023-03-25 · accession 0001193125-24-181045 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-03-30 · accession 0001193125-25-165500 (CashAndCashEquivalentsAtCarryingValue)