MeritValue

DONEGAL GROUP INC

DGICAdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

DONEGAL GROUP INC earns about 6% on invested capital. 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$816.5M1$848.2M2$927.3M3$989.6M3$978M3
Net income$25.3M4−$1.96M5$4.43M6$50.9M6$79.3M6
Operating cash flow$76.7M7$67.1M8$28.6M9$67.4M9$70.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$57.7M10$25.1M11$23.8M11$52.9M11$26.8M11
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 5%FY22 -1%FY23 1%FY24 10%FY25 13%

It earned an average 6% 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
— shares · 5y

Not enough history to read capital allocation.

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
not applicable
no diluted share count
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 0001140361-24-011762 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-25-007891 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-26-008268 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-24-011762 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001140361-25-007891 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001140361-26-008268 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001140361-24-011762 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001140361-25-007891 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001140361-26-008268 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001140361-25-007891 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2022-12-31 · accession 0001140361-26-008268 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)