MeritValue

FLEXSTEEL INDUSTRIES INC

FLXSdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

FLEXSTEEL INDUSTRIES INC earns about 12% on invested capital, comfortably above its ~9% cost of capital, and has bought back 16% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $27.64 and $361.68 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$544.3M1$393.7M2$412.8M3$441.1M3$459.2M3
Net income$1.85M4$14.8M5$10.5M6$20.2M6$33.1M6
Operating cash flow$7.99M7$23M8$31.9M9$37M9$51.5M9
Capital expenditure$3.85M10$4.79M11$4.77M12$3.26M12$3.94M12
Free cash flow (derived)$4.14M7$18.2M8$27.1M9$33.7M9$47.6M9
Total debt—————
Cash & equivalents$2.18M13$3.37M14$4.76M15$40M16$16.7M16
Diluted shares6.5M5.4M5.5M5.7M5.5M

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
$244.68
your share of equity
Profit it earned you last year
$60.72
Free cash flow it threw off
$87.2
Debt you’d be carrying
—

10 shares is a claim on $244.68 of net worth that earned you $60.72 and generated $87.2 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY22 3%FY23 8%FY24 8%FY25 16%FY26 28%

It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−16% shares · 5y

Share count is down 16% 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 v0.5.0

The 3 estimate methods that apply put fair value between $27.64 and $361.68 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
$361.68
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$33.7M
DCF · Growth Exit 5Y
$199.82
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$33.7M
Earnings Power Value
$27.64
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.8M
  • growthAssumed0.0%
Graham Number
$66.63
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 years20.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $199.82
The three cases
Bear0.0%$89.44
Base20.0%$199.82
Bull20.0%$199.82

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

Default growth 20.0%= 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 2022-06-30 · accession 0000950170-24-102402 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001193125-26-357097 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001193125-26-357097 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001193125-26-357097 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001193125-26-357097 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0000037472-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-06-30 · accession 0000950170-24-102402 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0000950170-25-110965 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-06-30 · accession 0001193125-26-357097 (CashAndCashEquivalentsAtCarryingValue)