MeritValue

New Concept Energy, Inc.

GBRdata completeness 75%17 fiscal years on file
The thesis, from the filings

New Concept Energy, Inc. earns about 1% on equity, with a roughly flat share count. 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$101,0001$212,0001$152,0002$146,0003$155,0003
Net income$70,0004$181,0004−$21,0005−$18,0006−$46,0006
Operating cash flow$123,0007$184,0007$22,0008−$64,0009$20,0009
Capital expenditure——$11,00010$20,00011—
Free cash flow (derived)——$11,0008−$84,0009—
Total debt—————
Cash & equivalents$252,00012$436,00013$447,00014$363,00015$383,00015
Diluted shares5,1325,1325,1325,1325,132

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
$8,750.97
your share of equity
Profit it earned you last year
−$89.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $8,750.97 of net worth that earned you −$89.63 last year.

iii. Is this a good business?
Moat signal · return on equity
1% avg · 5y
FY21 2%FY22 4%FY23 -0%FY24 -0%FY25 -1%

It earned an average 1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2021-12-31 · accession 0001214659-24-005800 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001214659-25-004675 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001214659-26-004135 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001214659-24-005800 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001214659-25-004675 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001214659-26-004135 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001214659-24-005800 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001214659-25-004675 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001214659-26-004135 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001214659-25-004675 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2024-12-31 · accession 0001214659-26-004135 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2021-12-31 · accession 0001214659-23-004059 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001214659-24-005800 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001214659-25-004675 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001214659-26-004135 (CashAndCashEquivalentsAtCarryingValue)