MeritValue

BROADWAY FINANCIAL CORP \DE\

BYFCdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BROADWAY FINANCIAL CORP \DE\ earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 86% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.33 and $4.03 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$249,0001$145,0002$179,0003$155,0004$184,0004
Net income−$4.05M5$5.64M6$4.33M7$1.93M8−$24.8M8
Operating cash flow$624,0009$6.32M10$7.59M11$1.39M12$230,00012
Capital expenditure$1.14M13$323,00014$208,00015$138,00016$243,00016
Free cash flow (derived)−$514,0009$6M10$7.39M11$1.26M12−$13,00012
Total debt—————
Cash & equivalents$231.5M17$16.1M18$105.2M19$61.4M20$10.5M20
Diluted shares60.2M9.1M8.7M8.6M8.6M

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
$305.69
your share of equity
Profit it earned you last year
−$28.85
Free cash flow it threw off
−$0.02
Debt you’d be carrying
—

10 shares is a claim on $305.69 of net worth that earned you −$28.85 and generated −$0.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 —FY22 3%FY23 9%FY24 11%FY25 3%

It earned about 7% 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
−86% shares · 5y

Share count is down 86% 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 $2.33 and $4.03 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$4.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.26M
DCF · Growth Exit 5Y
$3.81
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.26M
Earnings Power Value
$2.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.93M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 $3.81
The three cases
Bear0.0%$3.31
Base5.0%$3.81
Bull10.0%$4.42

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 0001140361-23-017732 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-026827 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001140361-25-046590 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-012311 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-017732 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-026827 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001140361-25-046590 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001140361-26-012311 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001140361-23-017732 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-026827 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001140361-25-046590 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001140361-26-012311 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-017732 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-026827 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001140361-25-046590 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001140361-26-012311 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001140361-23-017732 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001140361-24-026827 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0001140361-25-046590 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001140361-26-012311 (CashAndCashEquivalentsAtCarryingValue)