MeritValue

BASSETT FURNITURE INDUSTRIES INC

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

BASSETT FURNITURE INDUSTRIES INC earns about 5% on invested capital, below its ~9% cost of capital, and has bought back 12% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.66 and $7.31 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$430.9M1$485.6M2$390.1M3$329.9M3$335.3M3
Net income$18M4$65.3M5−$3.17M6−$9.7M6$6.1M6
Operating cash flow$14.6M7−$2.97M8$18.7M9$4.05M9$13.5M9
Capital expenditure$10.8M10$21.3M11$17.5M12$5.21M12$4.53M12
Free cash flow (derived)$3.81M7−$24.3M8$1.24M9−$1.16M9$8.96M9
Total debt—————
Cash & equivalents$34.4M13$61.6M14$52.4M15$39.6M16$41.3M16
Diluted shares9.8M9.4M8.8M8.7M8.7M

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
$190.85
your share of equity
Profit it earned you last year
$7.05
Free cash flow it threw off
$10.36
Debt you’d be carrying
—

10 shares is a claim on $190.85 of net worth that earned you $7.05 and generated $10.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 13%FY22 19%FY23 -1%FY24 -9%FY25 5%

It earned about 5% 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
−12% shares · 5y

Share count is down 12% 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 3 estimate methods that apply put fair value between $6.66 and $7.31 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
$6.66
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.24M
DCF · Growth Exit 5Y
$6.81
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.24M
Earnings Power Value
$7.31
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.1M
  • growthAssumed0.0%
Graham Number
$17.34
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $6.81
The three cases
Bear0.0%$6.81
Base0.0%$6.81
Bull5.0%$7.3

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.

Sources — the receipts
  1. 10-K · period ending 2021-11-27 · accession 0001437749-24-002203 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-11-26 · accession 0001437749-25-003216 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-11-25 · accession 0001437749-26-003189 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-11-27 · accession 0001437749-24-002203 (NetIncomeLoss)
  5. 10-K · period ending 2022-11-26 · accession 0001437749-25-003216 (NetIncomeLoss)
  6. 10-K · period ending 2023-11-25 · accession 0001437749-26-003189 (NetIncomeLoss)
  7. 10-K · period ending 2021-11-27 · accession 0001437749-24-002203 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-11-26 · accession 0001437749-25-003216 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-11-25 · accession 0001437749-26-003189 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-11-27 · accession 0001437749-24-002203 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-11-26 · accession 0001437749-25-003216 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-11-25 · accession 0001437749-26-003189 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-11-27 · accession 0001437749-23-001642 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-11-26 · accession 0001437749-24-002203 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-11-25 · accession 0001437749-25-003216 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-11-30 · accession 0001437749-26-003189 (CashAndCashEquivalentsAtCarryingValue)