MeritValue

BRIDGFORD FOODS CORP

BRIDdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

BRIDGFORD FOODS CORP earns about 5% on invested capital, with a roughly flat share count. 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$240.4M1$265.9M2$251.6M3$223.6M4$231M4
Net income−$5.5M5$45.1M6$3.47M7−$3.38M8−$13.4M8
Operating cash flow−$5.99M9−$7.83M10$3.99M11−$497,00012−$5.69M12
Capital expenditure$6.24M13$3.77M14$2.6M15$3.9M16$3.6M16
Free cash flow (derived)−$12.2M9−$11.6M10$1.38M11−$4.4M12−$9.29M12
Total debt———$5.57M17$7.59M17
Cash & equivalents—$16.3M18$15.7M19$10.2M20$876,00020
Diluted shares9.1M9.1M9.1M9.1M9.1M

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
$127.3
your share of equity
Profit it earned you last year
−$14.72
Free cash flow it threw off
−$10.23
Debt you’d be carrying
$8.36

10 shares is a claim on $127.3 of net worth that earned you −$14.72 and generated −$10.23 of cash last year, against $8.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 -6%FY22 42%FY23 3%FY24 -3%FY25 -12%

It earned an average 5% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 36% 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 2021-10-29 · accession 0001493152-23-002631 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-10-28 · accession 0001493152-24-004024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-11-03 · accession 0001493152-25-004182 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-10-29 · accession 0001493152-23-002631 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-28 · accession 0001493152-24-004024 (NetIncomeLoss)
  7. 10-K · period ending 2023-11-03 · accession 0001493152-25-004182 (NetIncomeLoss)
  8. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-29 · accession 0001493152-23-002631 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-28 · accession 0001493152-24-004024 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-11-03 · accession 0001493152-25-004182 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-29 · accession 0001493152-23-002631 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-28 · accession 0001493152-24-004024 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-11-03 · accession 0001493152-25-004182 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-10-28 · accession 0001493152-24-004024 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-11-03 · accession 0001493152-25-004182 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-11-01 · accession 0001493152-26-004079 (CashAndCashEquivalentsAtCarryingValue)