MeritValue

GENCOR INDUSTRIES INC

GENCdata completeness 88%16 fiscal years on file
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−$13.7M10,14$7.45M11,15$8.45M12,16$1.11M12,16
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). A derived or summed figure cites every filing line it was built from.

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 v0.6.0
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 →

Beyond this page

This page is free, and so is every other company on MeritValue.

In your AI assistant

Connect the MeritValue MCP server to Claude or another MCP client, ask about GENCOR INDUSTRIES INC, and get these exact figures with their filing receipts — not an improvised DCF.

Get a free key →
Screen by model

Pull the companies with a published value under any model (up to 500 a request, filtered by data completeness) into your own sheet or agent. Screening is what Analyst adds, at $9/month.

See pricing →
On iPhone

Follow GENC and keep your own price beside the value. The same engine, with the same receipts.

MeritValue on the App Store →
Sources — the receipts
  1. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (NetIncomeLoss)
  6. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (NetIncomeLoss)
  7. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (NetIncomeLoss)
  8. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (NetIncomeLoss)
  9. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (PaymentsToAcquireProductiveAssets)
  14. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (PaymentsToAcquireProductiveAssets)
  15. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (PaymentsToAcquireProductiveAssets)
  16. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (PaymentsToAcquireProductiveAssets)
  17. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (LongTermDebt)
  18. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (LongTermDebt)
  19. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (LongTermDebt)
  20. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (LongTermDebt)
  21. 10-K filed 2022-12-16 · period ending 2021-09-30 · accession 0001193125-22-306498 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2023-12-13 · period ending 2022-09-30 · accession 0001193125-23-294347 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K filed 2025-06-27 · period ending 2023-09-30 · accession 0001193125-25-150836 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2025-12-09 · periods ending 2024-09-30, 2025-09-30 · accession 0001193125-25-312742 (CashAndCashEquivalentsAtCarryingValue)