MeritValue

CITIZENS, INC.

CIAdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

CITIZENS, INC. earns about 20% 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$250.5M1$232.5M1$240.7M2$245M3$255.6M3
Net income$72.7M4$26M4$24.4M5$14.9M6$14.6M6
Operating cash flow$40.5M7$56.9M7$22.1M8$31.9M9$18M9
Capital expenditure$1.01M10$100,00010$442,00011$663,00012$447,00012
Free cash flow (derived)$39.4M7$56.8M7$21.6M8$31.3M9$17.5M9
Total debt—————
Cash & equivalents$27.3M13$23M14$27M15$29.3M16$23M16
Diluted shares50.6M50.9M50.7M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 42%FY22 25%FY23 17%FY24 8%FY25 7%

It earned an average 20% 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.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-12-31 · accession 0000024090-24-000031 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0000024090-25-000018 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0000024090-26-000011 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000024090-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000024090-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0000024090-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000024090-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000024090-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0000024090-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000024090-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000024090-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0000024090-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000024090-23-000027 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000024090-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000024090-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0000024090-26-000011 (CashAndCashEquivalentsAtCarryingValue)