MeritValue

BIMINI CAPITAL MANAGEMENT, INC.

BMNMdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

BIMINI CAPITAL MANAGEMENT, INC. earns about 11% on invested capital. 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$9.79M1$13M2$13.6M3$12.8M4$16.6M4
Net income$275,4145−$19.8M6−$3.98M7−$1.31M8$5.8M8
Operating cash flow$5.53M9$5.48M10$1.7M11$3.19M12$2.88M12
Capital expenditure$013$46,17614$014——
Free cash flow (derived)$5.53M9$5.43M10$1.7M11——
Total debt$27.4M15$27.4M16$27.4M17$27.4M18$27.3M18
Cash & equivalents$8.42M19$6.01M20$3.72M21$5.67M22$12.7M22
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 2%FY22 -14%FY23 9%FY24 16%FY25 41%

It earned an average 11% 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
— shares · 5y

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
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. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (LongTermDebt)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001437749-23-006158 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001437749-24-007121 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001437749-25-006605 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001437749-26-008139 (CashAndCashEquivalentsAtCarryingValue)