MeritValue

Gold.com, Inc.

GOLDdata completeness 88%14 fiscal years on file
The thesis, from the filings

Gold.com, Inc. earns about 32% on invested capital, far above its ~9% cost of capital, but has diluted owners by 36% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $42.15 and $56.19 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$7.61B1$8.16B2$9.29B3$9.7B3$11B3
Net income$159.6M4$132.5M5$156.4M6$68.5M6$17.3M6
Operating cash flow−$52.7M7−$89.2M8−$30.3M9$60.9M9$152.3M9
Capital expenditure$2.11M10$2.88M11$4.78M12$7.26M12$10.7M12
Free cash flow (derived)−$54.8M7−$92M8−$35.1M9$53.7M9$141.7M9
Total debt—————
Cash & equivalents$101.4M13$37.8M14$39.3M14$48.6M14$77.7M14
Diluted shares17.9M24.3M24.6M24.1M24.4M

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
$265.74
your share of equity
Profit it earned you last year
$7.09
Free cash flow it threw off
$57.96
Debt you’d be carrying
—

10 shares is a claim on $265.74 of net worth that earned you $7.09 and generated $57.96 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
32% avg · 5y
FY21 68%FY22 33%FY23 32%FY24 18%FY25 9%

It earned about 32% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 5y

Share count is up 36% over 5 years — owners have been diluted. Worth asking what they got for it.

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 $42.15 and $56.19 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
$45.46
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$53.7M
DCF · Growth Exit 5Y
$42.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$53.7M
Earnings Power Value
$56.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$132.5M
  • growthAssumed0.0%
Graham Number
$20.6
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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $42.15
The three cases
Bear0.0%$34.56
Base5.0%$42.15
Bull10.0%$51.24

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= 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 0000950170-23-047575 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0000950170-24-106317 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001193125-25-200462 (Revenues)
  4. 10-K · period ending 2021-06-30 · accession 0000950170-23-047575 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0000950170-24-106317 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001193125-25-200462 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0000950170-23-047575 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0000950170-24-106317 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001193125-25-200462 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000950170-23-047575 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0000950170-24-106317 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001193125-25-200462 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0000950170-24-106317 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-06-30 · accession 0001193125-25-200462 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)