MeritValue

DAKTRONICS INC /SD/

DAKTdata completeness 100%17 fiscal years on file
The thesis, from the filings

DAKTRONICS INC /SD/ earns about 9% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 9% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $1.43 and $20.48 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$611M1$754.2M2$818.1M3$756.5M3$838.7M3
Net income$592,0004$6.8M5$34.6M6−$10.1M6$45.4M6
Operating cash flow−$27M7$15M8$63.2M9$97.7M9$49.2M9
Capital expenditure$20.4M10$25.4M11$17M12$19.5M12$14.9M12
Free cash flow (derived)−$47.4M7−$10.4M8$46.3M9$78.2M9$34.3M9
Total debt—$17.8M13$54.7M14$12M15$10.8M15
Cash & equivalents$17.1M16$24M17$81.3M18$127.5M18$131.6M18
Diluted shares45.3M45.5M46.5M47.6M49.4M

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
$60.9
your share of equity
Profit it earned you last year
$9.19
Free cash flow it threw off
$6.95
Debt you’d be carrying
$2.18

10 shares is a claim on $60.9 of net worth that earned you $9.19 and generated $6.95 of cash last year, against $2.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY22 0%FY23 4%FY24 17%FY25 -2%FY26 26%

It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 39% — deleveraging.

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

The 3 estimate methods that apply put fair value between $1.43 and $20.48 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$20.48
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$46.3M
DCF · Growth Exit 5Y
$19.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$46.3M
Earnings Power Value
$1.43
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.8M
  • growthAssumed0.0%
Graham Number
$11.23
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $19.07
The three cases
Bear0.0%$15.83
Base5.0%$19.07
Bull10.0%$22.95

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-04-30 · accession 0000915779-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-29 · accession 0000915779-25-000102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-27 · accession 0001628280-26-045262 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-04-30 · accession 0000915779-24-000025 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-29 · accession 0000915779-25-000102 (NetIncomeLoss)
  6. 10-K · period ending 2024-04-27 · accession 0001628280-26-045262 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-30 · accession 0000915779-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-29 · accession 0000915779-25-000102 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-04-27 · accession 0001628280-26-045262 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0000915779-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-29 · accession 0000915779-25-000102 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-04-27 · accession 0001628280-26-045262 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-04-29 · accession 0000915779-24-000025 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-04-27 · accession 0000915779-25-000102 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-04-26 · accession 0001628280-26-045262 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-04-30 · accession 0000915779-24-000025 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-04-29 · accession 0000915779-25-000102 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-04-27 · accession 0001628280-26-045262 (CashAndCashEquivalentsAtCarryingValue)