Cheer Holding, Inc.
CHRdata completeness 88%7 fiscal years on fileCheer Holding, Inc. earns about 29% on invested capital, far above its ~9% cost of capital, and has bought back 84% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $261.79 and $527.27 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 | $153M1 | $157.1M2 | $152.3M3 | $147.2M3 | $148.8M3 |
| Net income | $35.3M4 | $26.9M5 | $30.5M6 | $26M6 | $25.6M6 |
| Operating cash flow | $46.5M7 | $7.74M8 | $42.2M9 | $22.9M9 | $17.9M9 |
| Capital expenditure | $72,00010 | $25,00011 | $3,00012 | $1,00012 | — |
| Free cash flow (derived) | $46.4M7 | $7.71M8 | $42.2M9 | $22.9M9 | — |
| Total debt | — | $6,09613 | $6.07M14 | $12.5M15 | $7.65M15 |
| Cash & equivalents | $77.3M16 | $70.5M17 | $194.5M18 | $197.7M18 | $242.1M18 |
| Diluted shares | 6.5M | 6.8M | 172,750 | 206,544 | 1.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3,473.05 of net worth that earned you $240.66 last year, against $71.89 of debt.
It earned about 29% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 84% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 125425% 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.
The 3 estimate methods that apply put fair value between $261.79 and $527.27 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$22.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$22.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$26.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $527.27 |
| Base | 0.0% | $527.27 |
| Bull | 5.0% | $601.59 |
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.
- 20-F · period ending 2021-12-31 · accession 0001213900-24-022374 (RevenueFromContractWithCustomerIncludingAssessedTax)
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