MeritValue

HOOKER FURNISHINGS Corp

HOFTdata completeness 100%18 fiscal years on file
The thesis, from the filings

HOOKER FURNISHINGS Corp earns about -0% on invested capital, below its ~9% cost of capital, and has bought back 11% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $26.85 and $30.69 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$593.6M1$583.1M2$344.6M3$317.4M3$278.1M3
Net income$11.7M4−$4.31M5$9.87M6−$12.5M6−$27M6
Operating cash flow$19.2M7−$21.7M8$55.5M8−$23M8$18.3M9
Capital expenditure$6.69M10$4.2M11$5.24M12$3.07M12$3.16M12
Free cash flow (derived)$12.5M7−$25.9M8$50.2M8−$26.1M8$15.1M9
Total debt$013$24.3M14$22.9M15$21.7M16$3.22M16
Cash & equivalents$69.4M17$19M18$43.2M19$6.3M20$1.11M20
Diluted shares12.0M11.6M10.8M10.5M10.6M

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
$159.57
your share of equity
Profit it earned you last year
−$25.43
Free cash flow it threw off
$14.27
Debt you’d be carrying
$3.04

10 shares is a claim on $159.57 of net worth that earned you −$25.43 and generated $14.27 of cash last year, against $3.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY22 6%FY23 -2%FY24 5%FY25 -3%FY26 -8%

It earned about -0% 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
−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 2 estimate methods that apply put fair value between $26.85 and $30.69 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$30.69
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth6.5%
  • fcfBase$15.1M
DCF · Growth Exit 5Y
$26.85
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth6.5%
  • fcfBase$15.1M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 years6.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $26.85
The three cases
Bear0.0%$20.2
Base6.5%$26.85
Bull11.5%$33.08

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

Default growth 6.5%= 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 2022-01-30 · accession 0001185185-24-000378 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-01-29 · accession 0001185185-25-000321 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-01-28 · accession 0001185185-26-001420 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-01-30 · accession 0001185185-24-000378 (NetIncomeLoss)
  5. 10-K · period ending 2023-01-29 · accession 0001185185-25-000321 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-28 · accession 0001185185-26-001420 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-30 · accession 0001185185-24-000378 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-01-29 · accession 0001185185-25-000321 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2026-02-01 · accession 0001185185-26-001420 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2022-01-30 · accession 0001185185-24-000378 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-01-29 · accession 0001185185-25-000321 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-01-28 · accession 0001185185-26-001420 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-01-30 · accession 0001185185-23-000346 (LongTermDebtCurrent)
  14. 10-K · period ending 2023-01-29 · accession 0001185185-24-000378 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-01-28 · accession 0001185185-25-000321 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-02-02 · accession 0001185185-26-001420 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-01-30 · accession 0001185185-23-000346 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-01-29 · accession 0001185185-24-000378 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-01-28 · accession 0001185185-25-000321 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-02-02 · accession 0001185185-26-001420 (CashAndCashEquivalentsAtCarryingValue)