MeritValue

BK Technologies Corp

BKTIdata completeness 88%17 fiscal years on file
The thesis, from the filings

BK Technologies Corp earns about 6% on invested capital, below its ~9% cost of capital, and has bought back 74% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $57.76 and $62.17 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$45.4M1$51M2$74.1M3$76.6M4$86.1M4
Net income−$1.7M5−$11.6M6−$2.23M7$8.36M8$13.5M8
Operating cash flow−$6.3M9−$9M10$1.66M11$12.8M12$19.4M12
Capital expenditure$2.42M13$1.75M14$2.12M15$1.24M16$1.04M16
Free cash flow (derived)−$8.72M9−$10.8M10−$462,00011$11.5M12$18.4M12
Total debt—————
Cash & equivalents$10.6M17$1.92M17$3.46M18$7.08M19$22.8M19
Diluted shares14.9M16,9113.4M3.7M3.9M

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
$113.54
your share of equity
Profit it earned you last year
$34.38
Free cash flow it threw off
$46.74
Debt you’d be carrying
—

10 shares is a claim on $113.54 of net worth that earned you $34.38 and generated $46.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 -5%FY22 -50%FY23 -7%FY24 32%FY25 62%

It earned about 6% 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 →
Management signal · capital allocation
−74% shares · 5y

Share count is down 74% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

The 2 estimate methods that apply put fair value between $57.76 and $62.17 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
$62.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$11.5M
DCF · Growth Exit 5Y
$57.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$11.5M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$29.64
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $57.76
The three cases
Bear0.0%$47.63
Base5.0%$57.76
Bull10.0%$69.88

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001654954-23-003055 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-003098 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009464 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007826 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003055 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-003098 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009464 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007826 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003055 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-003098 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009464 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007826 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-003055 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-003098 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009464 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007826 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-003055 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-009464 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-007826 (CashAndCashEquivalentsAtCarryingValue)