MeritValue

Boyd Group Services Inc.

BGSIdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Boyd Group Services Inc. earns about 2% on invested capital, but has diluted owners by 30% over 2 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 2024FY 2025
Revenue$3.07B1$3.14B1
Net income$24.5M2$18.4M2
Operating cash flow$313.3M3$353M3
Capital expenditure$77.3M4$54.3M4
Free cash flow (derived)$236M3$298.7M3
Total debt$507.3M5$360.8M5
Cash & equivalents$20M6$1.23B6
Diluted shares21.5M27.8M

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
$617.88
your share of equity
Profit it earned you last year
$6.62
Free cash flow it threw off
$107.32
Debt you’d be carrying
$129.64

10 shares is a claim on $617.88 of net worth that earned you $6.62 and generated $107.32 of cash last year, against $129.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 2y
FY24 2%FY25 2%

It earned an average 2% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+30% shares · 2y

Share count is up 30% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 29% — 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
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$33.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (Revenue)
  2. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (ProfitLossAttributableToOwnersOfParent)
  3. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (CashFlowsFromUsedInOperatingActivities)
  4. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (Borrowings)
  6. 40-F · period ending 2024-12-31 · accession 0001193125-26-112466 (CashAndCashEquivalents)