MeritValue

U S GLOBAL INVESTORS INC

GROWdata completeness 88%16 fiscal years on file
The thesis, from the filings

U S GLOBAL INVESTORS INC earns about 22% on invested capital, far above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $2.45 and $2.67 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$21.7M1$24.7M2$15.1M3$11M4$8.45M4
Net income$32M5$3.44M6$3.15M7$1.33M8−$334,0008
Operating cash flow$4.77M9$10.5M10$2.91M11$990,00012−$822,00012
Capital expenditure$73,00013$220,00014$14,00015$213,00016$7,00016
Free cash flow (derived)$4.69M9$10.3M10$2.9M11$777,00012−$829,00012
Total debt—————
Cash & equivalents$14.4M17$22.3M18$25.4M19$27.4M20$24.6M20
Diluted shares15.1M15.0M14.6M14.2M13.3M

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
$33.88
your share of equity
Profit it earned you last year
−$0.25
Free cash flow it threw off
−$0.62
Debt you’d be carrying
—

10 shares is a claim on $33.88 of net worth that earned you −$0.25 and generated −$0.62 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
22% avg · 5y
FY21 80%FY22 11%FY23 12%FY24 6%FY25 -1%

It earned about 22% 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
−11% shares · 5y

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

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 $2.45 and $2.67 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$2.61
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$777,000
DCF · Growth Exit 5Y
$2.67
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$777,000
Earnings Power Value
$2.45
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.15M
  • 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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $2.67
The three cases
Bear0.0%$2.67
Base0.0%$2.67
Bull5.0%$2.87

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

Default growth 0.0%= 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/A · period ending 2021-06-30 · accession 0001437749-23-015310 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001437749-23-032363 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001437749-24-028889 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001437749-25-028574 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2021-06-30 · accession 0001437749-23-015310 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-23-032363 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001437749-24-028889 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001437749-25-028574 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-06-30 · accession 0001437749-23-015310 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001437749-23-032363 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001437749-24-028889 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001437749-25-028574 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-06-30 · accession 0001437749-23-015310 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001437749-23-032363 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001437749-24-028889 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001437749-25-028574 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-06-30 · accession 0001437749-23-015310 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001437749-23-032363 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001437749-24-028889 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001437749-25-028574 (CashAndCashEquivalentsAtCarryingValue)