MeritValue

GREYSTONE LOGISTICS, INC.

GLGIdata completeness 88%16 fiscal years on file

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

The thesis, from the filings

GREYSTONE LOGISTICS, INC. earns about 4% on invested capital, below its ~9% cost of capital, and has bought back 15% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.7 and $8.77 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$74.2M1$60.8M2$61.8M3$57.9M4$27.5M4
Net income$4.55M5$6.39M5$5.03M6$2.35M7−$8.24M7
Operating cash flow$6.64M8$3.87M9$12.4M10$10.3M11−$1.48M11
Capital expenditure$6.13M12$9.18M13$2.8M14$5.75M15$1.97M15
Free cash flow (derived)$506,8408−$5.31M9$9.59M10$4.53M11−$3.46M11
Total debt$26.9M16$34.3M17$26.9M18$22.2M19$24M19
Cash & equivalents$3.14M20————
Diluted shares32.3M32.1M28.8M28.6M27.3M

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
$4.22
your share of equity
Profit it earned you last year
−$3.02
Free cash flow it threw off
−$1.27
Debt you’d be carrying
$8.8

10 shares is a claim on $4.22 of net worth that earned you −$3.02 and generated −$1.27 of cash last year, against $8.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY22 12%FY23 12%FY24 10%FY25 6%FY26 -19%

It earned about 4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−15% shares · 5y

Share count is down 15% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 11% — deleveraging.

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 $1.7 and $8.77 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$8.77
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$4.53M
DCF · Growth Exit 5Y
$4.41
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$4.53M
Earnings Power Value
$1.7
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.55M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

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 $4.41
The three cases
Bear0.0%$1.44
Base20.0%$4.41
Bull20.0%$4.41

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 2022-05-31 · accession 0001493152-23-030394 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-05-31 · accession 0001437749-24-029155 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-05-31 · accession 0001437749-25-028050 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-05-31 · accession 0001437749-26-029307 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-05-31 · accession 0001493152-23-030394 (NetIncomeLoss)
  6. 10-K · period ending 2024-05-31 · accession 0001437749-25-028050 (NetIncomeLoss)
  7. 10-K · period ending 2025-05-31 · accession 0001437749-26-029307 (NetIncomeLoss)
  8. 10-K · period ending 2022-05-31 · accession 0001493152-23-030394 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-05-31 · accession 0001437749-24-029155 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-05-31 · accession 0001437749-25-028050 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2025-05-31 · accession 0001437749-26-029307 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-05-31 · accession 0001493152-23-030394 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-05-31 · accession 0001437749-24-029155 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-05-31 · accession 0001437749-25-028050 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-05-31 · accession 0001437749-26-029307 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-05-31 · accession 0001493152-23-030394 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-05-31 · accession 0001437749-24-029155 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-05-31 · accession 0001437749-25-028050 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-05-31 · accession 0001437749-26-029307 (LongTermDebtNoncurrent)
  20. 10-K/A · period ending 2022-05-31 · accession 0001493152-22-023867 (CashAndCashEquivalentsAtCarryingValue)