MeritValue

BOSTON OMAHA Corp

BOCdata completeness 100%15 fiscal years on file
The thesis, from the filings

BOSTON OMAHA Corp earns about 2% 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$57M1$81.2M2$96.3M3$108.3M4$114.4M4
Net income$52.7M5$10.2M6−$7M7−$1.29M8−$12.4M8
Operating cash flow$7.77M9−$5.17M10$16.1M11$21.2M12$17.9M12
Capital expenditure$21M13$40.1M14$51.9M15$32.2M16$27.9M16
Free cash flow (derived)−$13.2M9−$45.2M10−$35.8M11−$11M12−$10M12
Total debt$30M17$57M18$54.7M19$66.1M20$74.5M20
Cash & equivalents$72.5M21$25.5M22$21.9M23$28.3M24$28.6M24
Diluted shares29.0M29.8M31.1M31.5M31.4M

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
$164.3
your share of equity
Profit it earned you last year
−$3.96
Free cash flow it threw off
−$3.2
Debt you’d be carrying
$23.71

10 shares is a claim on $164.3 of net worth that earned you −$3.96 and generated −$3.2 of cash last year, against $23.71 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 12%FY22 2%FY23 -1%FY24 1%FY25 -3%

It earned an average 2% 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 risen 148% over the same window.

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. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001437749-23-007868 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001437749-24-009605 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001437749-25-009715 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001437749-26-010341 (CashAndCashEquivalentsAtCarryingValue)