MeritValue

CIM GROUP, INC.

CMRFdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

CIM GROUP, INC. earns about -1% on equity, but has diluted owners by 19% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.24 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$365.7M1$452.1M2$568.9M3$483.9M3$416M3
Net income$86.5M4$143.8M5$28.1M6−$292.3M6$52.4M6
Operating cash flow$148.2M7$178.7M8$223.8M9$161.2M9$136M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.14B10$4.42B11$3.92B12$4.87B13$4.79B14
Cash & equivalents$107.4M15$119M16$247.5M17$181.3M17$184.7M17
Diluted shares365.7M437.3M437.4M437.2M436.8M

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
$40.02
your share of equity
Profit it earned you last year
$1.2
Free cash flow it threw off
—
Debt you’d be carrying
$109.72

10 shares is a claim on $40.02 of net worth that earned you $1.2 last year, against $109.72 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1% avg · 5y
FY21 3%FY22 6%FY23 1%FY24 -16%FY25 3%

It earned an average -1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 16% 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.

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
$1.24
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$52.4M
  • growthAssumed0.0%
Graham Number
$3.29
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 0001498547-24-000027 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001498547-25-000018 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001498547-26-000013 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001498547-24-000027 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001498547-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001498547-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001498547-24-000027 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001498547-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001498547-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001498547-23-000013 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001498547-24-000027 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001498547-25-000018 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001498547-25-000018 (LongTermDebtCurrent)
  14. 10-K · period ending 2025-12-31 · accession 0001498547-26-000013 (LongTermDebtCurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001498547-24-000027 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001498547-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001498547-26-000013 (CashAndCashEquivalentsAtCarryingValue)