MeritValue

GENCOR INDUSTRIES INC

GENCdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

GENCOR INDUSTRIES INC earns about 6% on invested capital, 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$85.3M1$103.5M2$105.1M3$113.2M4$115.4M4
Net income$5.81M5−$372,0006$14.7M7$14.6M8$15.7M8
Operating cash flow$3.82M9−$9.14M10$10.2M11$9.29M12$3.07M12
Capital expenditure$2.66M13$4.52M14$2.75M15$840,00016$1.96M16
Free cash flow (derived)$1.16M9−$13.7M10$7.45M11$8.45M12$1.11M12
Total debt$017$018$019$020$020
Cash & equivalents$23.2M21$9.58M22$17M23$25.5M24$26.6M24
Diluted shares14.7M14.7M14.7M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 4%FY22 -1%FY23 9%FY24 9%FY25 8%

It earned an average 6% 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
−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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (LongTermDebt)
  18. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (LongTermDebt)
  19. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (LongTermDebt)
  20. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (LongTermDebt)
  21. 10-K · period ending 2021-09-30 · accession 0001193125-22-306498 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-09-30 · accession 0001193125-23-294347 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-09-30 · accession 0001193125-25-150836 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-09-30 · accession 0001193125-25-312742 (CashAndCashEquivalentsAtCarryingValue)