MeritValue

CKX LANDS, INC.

CKXdata completeness 63%16 fiscal years on file

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

The thesis, from the filings

CKX LANDS, INC. earns about 3% on invested capital, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.27 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$744,5451$1.11M2$1.49M3$1.52M4$838,5434
Net income$819,3495−$1.32M6$142,9617$250,2248$3.01M8
Operating cash flow−$263,6739$413,69110$876,95311$204,76112$459,63012
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$7.41M13————
Diluted shares1.9M2.0M2.0M2.1M2.0M

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
$104.84
your share of equity
Profit it earned you last year
$14.71
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $104.84 of net worth that earned you $14.71 last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 9%FY22 -8%FY23 1%FY24 1%FY25 14%

It earned an average 3% 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
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$1.27
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$250,224
  • growthAssumed0.0%
Graham Number
$18.62
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-008793 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009560 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009075 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010434 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008793 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009560 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009075 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010434 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008793 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009560 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009075 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010434 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-22-007344 (CashAndCashEquivalentsAtCarryingValue)