BUCKLE INC
BKEdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
BUCKLE INC earns about 207% on invested capital, far above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $44.95 and $62.91 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $1.29B1 | $1.35B2 | $1.26B3 | $1.22B3 | $1.3B3 |
| Net income | $254.8M4 | $254.6M5 | $219.9M6 | $195.5M6 | $209.7M6 |
| Operating cash flow | $311.8M7 | $242.4M8 | $254.6M9 | $242M9 | $251.1M9 |
| Capital expenditure | $19.1M10 | $30.4M11 | $37.3M12 | $42.3M12 | $45.4M12 |
| Free cash flow (derived) | $292.7M7 | $212M8 | $217.4M9 | $199.7M9 | $205.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $254M13 | $252.1M14 | $268.2M14 | $266.9M14 | $249.5M14 |
| Diluted shares | 49.4M | 49.6M | 50.0M | 50.3M | 50.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $83.75 of net worth that earned you $41.37 and generated $40.59 of cash last year.
It earned about 207% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 3% over 5 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 $44.95 and $62.91 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
- fcfGrowth0.0%
- fcfBase$205.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$205.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$219.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $62.91 |
| Base | 0.0% | $62.91 |
| Bull | 5.0% | $76.95 |
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.
- 10-K · period ending 2022-01-29 · accession 0000885245-24-000051 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-01-28 · accession 0000885245-25-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-02-03 · accession 0000885245-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-01-29 · accession 0000885245-24-000051 (NetIncomeLoss)
- 10-K · period ending 2023-01-28 · accession 0000885245-25-000052 (NetIncomeLoss)
- 10-K · period ending 2024-02-03 · accession 0000885245-26-000012 (NetIncomeLoss)
- 10-K · period ending 2022-01-29 · accession 0000885245-24-000051 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-01-28 · accession 0000885245-25-000052 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-02-03 · accession 0000885245-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-01-29 · accession 0000885245-24-000051 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-01-28 · accession 0000885245-25-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-02-03 · accession 0000885245-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-01-29 · accession 0000885245-25-000052 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-01-28 · accession 0000885245-26-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)