MeritValue

DESTINY MEDIA TECHNOLOGIES INC

DSNYdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

DESTINY MEDIA TECHNOLOGIES INC earns about 22% on invested capital, far above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0.16 and $0.29 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$4.17M1$4.02M2$4.03M3$4.42M4$4.52M4
Net income$382,5295$149,0746$335,0987$111,7588−$637,8778
Operating cash flow$528,9229$307,19810$705,63411$429,18812$65,15612
Capital expenditure$44,76813$326,33814$585,50815$8,16116$29,13216
Free cash flow (derived)$484,1549−$19,14010$120,12611$421,02712$36,02412
Total debt—————
Cash & equivalents$2.75M17$2.1M18$2M19$1.48M20$1.12M20
Diluted shares10.5M10.2M10.1M10.0M9.6M

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
$2.51
your share of equity
Profit it earned you last year
−$0.66
Free cash flow it threw off
$0.04
Debt you’d be carrying
—

10 shares is a claim on $2.51 of net worth that earned you −$0.66 and generated $0.04 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 105%FY22 15%FY23 23%FY24 7%FY25 -39%

It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 $0.16 and $0.29 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.28
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$120,126
DCF · Growth Exit 5Y
$0.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$120,126
Earnings Power Value
$0.16
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$149,074
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.29
The three cases
Bear0.0%$0.29
Base0.0%$0.29
Bull5.0%$0.34

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

Default growth 0.0%= 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 2021-08-31 · accession 0001062993-22-021911 (Revenues)
  2. 10-K · period ending 2022-08-31 · accession 0001062993-23-021487 (Revenues)
  3. 10-K · period ending 2023-08-31 · accession 0001062993-24-019439 (Revenues)
  4. 10-K · period ending 2024-08-31 · accession 0001062993-25-016994 (Revenues)
  5. 10-K · period ending 2021-08-31 · accession 0001062993-22-021911 (NetIncomeLoss)
  6. 10-K · period ending 2022-08-31 · accession 0001062993-23-021487 (NetIncomeLoss)
  7. 10-K · period ending 2023-08-31 · accession 0001062993-24-019439 (NetIncomeLoss)
  8. 10-K · period ending 2024-08-31 · accession 0001062993-25-016994 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0001062993-22-021911 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0001062993-23-021487 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-08-31 · accession 0001062993-24-019439 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-08-31 · accession 0001062993-25-016994 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-08-31 · accession 0001062993-22-021911 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-08-31 · accession 0001062993-23-021487 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-08-31 · accession 0001062993-24-019439 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-08-31 · accession 0001062993-25-016994 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-08-31 · accession 0001062993-22-021911 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-08-31 · accession 0001062993-23-021487 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-08-31 · accession 0001062993-24-019439 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-08-31 · accession 0001062993-25-016994 (CashAndCashEquivalentsAtCarryingValue)