MeritValue

CHICAGO RIVET & MACHINE CO

CVRdata completeness 88%16 fiscal years on file

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

The thesis, from the filings

CHICAGO RIVET & MACHINE CO earns about -8% on equity, 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$34M1$33.6M2$31.5M3$27M4$27.9M4
Net income$1.11M5$2.87M6−$4.4M7−$5.62M8−$1.08M8
Operating cash flow−$1.01M9−$1.26M10−$1.93M11−$153,45112−$1.23M12
Capital expenditure$670,89813$969,94314$1.08M15$651,39815$331,66916
Free cash flow (derived)−$1.68M9−$2.23M10−$3.01M11−$804,84912−$1.56M12
Total debt———$017—
Cash & equivalents$2.04M18$4.05M18$1.39M19$1.92M20$1.72M20
Diluted shares966,132966,132966,132966,132966,132

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
$194.94
your share of equity
Profit it earned you last year
−$11.21
Free cash flow it threw off
−$16.14
Debt you’d be carrying
—

10 shares is a claim on $194.94 of net worth that earned you −$11.21 and generated −$16.14 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-8% avg · 5y
FY21 4%FY22 9%FY23 -17%FY24 -28%FY25 -6%

It earned an average -8% 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
−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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 0001193125-23-083675 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001193125-24-080560 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046656 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000019871-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-083675 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001193125-24-080560 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046656 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000019871-26-000004 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001193125-23-083675 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001193125-24-080560 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046656 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000019871-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-083675 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-24-080560 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046656 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-12-31 · accession 0000019871-26-000004 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2024-12-31 · accession 0000950170-25-046656 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001193125-24-080560 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-046656 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000019871-26-000004 (CashAndCashEquivalentsAtCarryingValue)