Cable One, Inc.
CABOdata completeness 100%13 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
Cable One, 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 $142.51 and $391.48 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.61B1 | $1.71B2 | $1.68B3 | $1.58B3 | $1.5B3 |
| Net income | $291.8M4 | $213.1M5 | $224.6M6 | $14.5M6 | −$356.5M6 |
| Operating cash flow | $704.3M7 | $738M8 | $663.2M9 | $664.1M9 | $563.3M9 |
| Capital expenditure | $391.9M10 | $414.1M11 | $371M12 | $286.4M12 | $285.3M12 |
| Free cash flow (derived) | $312.4M7 | $323.9M8 | $292.1M9 | $377.8M9 | $278.1M9 |
| Total debt | $3.88B13 | $3.84B14 | $3.68B15 | $3.61B16 | $3.21B17 |
| Cash & equivalents | $388.8M18 | $215.2M19 | $190.3M20 | $153.6M21 | $152.8M21 |
| Diluted shares | 6.4M | 6.3M | 6.1M | 5.6M | 5.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $2,542.04 of net worth that earned you −$632.05 and generated $493.07 of cash last year, against $5,689.69 of debt.
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 →Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 17% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $142.51 and $391.48 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$292.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$292.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$213.1M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $198.24 |
| Base | 0.0% | $198.24 |
| Bull | 5.0% | $377.38 |
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.
- 10-K/A · period ending 2021-12-31 · accession 0001632127-24-000123 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001632127-25-000033 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001632127-26-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K/A · period ending 2021-12-31 · accession 0001632127-24-000123 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001632127-25-000033 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001632127-26-000005 (NetIncomeLoss)
- 10-K/A · period ending 2021-12-31 · accession 0001632127-24-000123 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001632127-25-000033 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001632127-26-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2021-12-31 · accession 0001632127-24-000123 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001632127-25-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001632127-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001437749-22-004364 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001437749-23-004428 (LongTermDebt)
- 10-K/A · period ending 2023-12-31 · accession 0001632127-24-000123 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0001632127-25-000033 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0001632127-26-000005 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-004428 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2022-12-31 · accession 0001632127-24-000123 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001632127-25-000033 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001632127-26-000005 (CashAndCashEquivalentsAtCarryingValue)