MeritValue

FLEXSTEEL INDUSTRIES INC

FLXSdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FLEXSTEEL INDUSTRIES INC earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 24% of its shares over 5 years. The estimate methods put fair value between $26.97 and $291.82 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$478.9M1$544.3M2$393.7M3$412.8M3$441.1M3
Net income$23M4$1.85M5$14.8M6$10.5M6$20.2M6
Operating cash flow−$32.7M7$7.99M8$23M9$31.9M9$37M9
Capital expenditure$2.58M10$3.85M11$4.79M12$4.77M12$3.26M12
Free cash flow (derived)−$35.3M7$4.14M8$18.2M9$27.1M9$33.7M9
Total debt—————
Cash & equivalents$1.34M13$2.18M14$3.37M15$4.76M16$40M16
Diluted shares7.5M6.5M5.4M5.5M5.7M

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
$295.64
your share of equity
Profit it earned you last year
$35.49
Free cash flow it threw off
$59.39
Debt you’d be carrying
—

10 shares is a claim on $295.64 of net worth that earned you $35.49 and generated $59.39 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 14%FY22 3%FY23 8%FY24 8%FY25 16%

It earned about 10% 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
−24% shares · 5y

Share count is down 24% 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 $26.97 and $291.82 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
$291.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$27.1M
DCF · Growth Exit 5Y
$162.72
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$27.1M
Earnings Power Value
$26.97
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.8M
  • growthAssumed0.0%
Graham Number
$48.59
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)8.93%
Terminal growth2.5%
At your growth, a share is worth $162.72
The three cases
Bear0.0%$75.27
Base20.0%$162.72
Bull20.0%$162.72

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 2021-06-30 · accession 0000037472-23-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0000037472-23-000024 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000037472-23-000024 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000037472-23-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000950170-24-102402 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0000950170-25-110965 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0000037472-22-000045 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-06-30 · accession 0000037472-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-06-30 · accession 0000950170-24-102402 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-06-30 · accession 0000950170-25-110965 (CashAndCashEquivalentsAtCarryingValue)