CAPITAL PROPERTIES INC /RI/ earns about 34% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $3 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $4.59M1 | $4.81M1 | — | — | — |
| Net income | $1.98M2 | $1.84M3 | $1.79M4 | $2.33M5 | $2M5 |
| Operating cash flow | $2.07M6 | $1.75M7 | $2.1M8 | $2.3M9 | $2.48M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.64M10 | $1.44M11 | $1.48M12 | $652,00013 | $850,00013 |
| Diluted shares | 6.6M | 6.6M | 6.6M | 6.6M | 6.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $11.74 of net worth that earned you $3.03 last year.
It earned an average 34% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →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.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$1.98M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2022-02-23 · periods ending 2020-12-31, 2021-12-31 · accession 0001564590-22-006244 (Revenues)
- 10-K filed 2022-02-23 · period ending 2020-12-31 · accession 0001564590-22-006244 (NetIncomeLoss)
- 10-K filed 2023-02-17 · period ending 2021-12-31 · accession 0000950170-23-003216 (NetIncomeLoss)
- 10-K filed 2024-02-16 · period ending 2022-12-31 · accession 0000950170-24-016334 (NetIncomeLoss)
- 10-K filed 2025-02-07 · periods ending 2023-12-31, 2024-12-31 · accession 0000950170-25-016420 (NetIncomeLoss)
- 10-K filed 2022-02-23 · period ending 2020-12-31 · accession 0001564590-22-006244 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-02-17 · period ending 2021-12-31 · accession 0000950170-23-003216 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-16 · period ending 2022-12-31 · accession 0000950170-24-016334 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-07 · periods ending 2023-12-31, 2024-12-31 · accession 0000950170-25-016420 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2022-02-23 · period ending 2020-12-31 · accession 0001564590-22-006244 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2023-02-17 · period ending 2021-12-31 · accession 0000950170-23-003216 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-16 · period ending 2022-12-31 · accession 0000950170-24-016334 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-07 · periods ending 2023-12-31, 2024-12-31 · accession 0000950170-25-016420 (CashAndCashEquivalentsAtCarryingValue)