MeritValue

DIXIE GROUP INC

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

DIXIE GROUP INC earns about -3% on invested capital, and has bought back 5% of its shares over 5 years. 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$341.2M1$303.6M2$276.3M3$265M4$257.4M4
Net income$1.62M5−$35.1M6−$2.72M7−$13M8−$7.62M8
Operating cash flow−$6.64M9−$17.5M10$4.21M11$3.63M12$9.63M12
Capital expenditure$4.38M13$4.58M14$980,00015$2.09M16$598,00016
Free cash flow (derived)−$11M9−$22.1M10$3.23M11$1.53M12$9.03M12
Total debt$155.9M17$195.8M18$162.2M19$112.1M20$108.8M20
Cash & equivalents$1.47M21$363,00022$79,00023$19,00024$3.2M24
Diluted shares15.3M15.1M14.8M14.6M14.5M

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
$6.08
your share of equity
Profit it earned you last year
−$5.26
Free cash flow it threw off
$6.24
Debt you’d be carrying
$75.14

10 shares is a claim on $6.08 of net worth that earned you −$5.26 and generated $6.24 of cash last year, against $75.14 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY21 4%FY22 -10%FY23 2%FY24 -8%FY25 -5%

It earned an average -3% 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
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 30% — 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
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$3.23M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$3.23M
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 2021-12-25 · accession 0000029332-23-000015 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000029332-24-000020 (Revenues)
  3. 10-K · period ending 2023-12-30 · accession 0000029332-25-000017 (Revenues)
  4. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (Revenues)
  5. 10-K · period ending 2021-12-25 · accession 0000029332-23-000015 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000029332-24-000020 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-30 · accession 0000029332-25-000017 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-25 · accession 0000029332-23-000015 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2022-12-31 · accession 0000029332-24-000020 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 10-K · period ending 2023-12-30 · accession 0000029332-25-000017 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 10-K · period ending 2021-12-25 · accession 0000029332-23-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000029332-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-30 · accession 0000029332-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-25 · accession 0000029332-23-000015 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000029332-24-000020 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-30 · accession 0000029332-25-000017 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-25 · accession 0000029332-24-000020 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0000029332-25-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-30 · accession 0000029332-26-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  24. 10-K · period ending 2024-12-28 · accession 0000029332-26-000018 (CashAndCashEquivalentsAtCarryingValue)