Investcorp Credit Management BDC, Inc.

ICMBdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

Investcorp Credit Management BDC, Inc. earns about -3% on equity, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$2.31M¹	$2.59M²	$3.23M³	−$4.09M³	−$8.85M³
Operating cash flow	$20.2M⁴	$21.2M⁵	$20.7M⁶	$37.1M⁶	$11.7M⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	$167M⁷	$149M⁷	$136.9M⁷	$108M⁷	$123.9M⁷
Cash & equivalents	$12.6M⁸	$9.16M⁹	$1.09M¹⁰	$158,768¹⁰	$4.58M¹⁰
Diluted shares	13.9M	14.3M	14.4M	14.4M	14.4M

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

Net assets behind them

$42.52

your share of equity

Profit it earned you last year

−$6.14

Free cash flow it threw off

—

Debt you’d be carrying

$85.91

10 shares is a claim on $42.52 of net worth that earned you −$6.14 last year, against $85.91 of debt.

iii. Is this a good business?

Moat signal · return on equity

-3% avg · 5y

FY21 —FY22 3%FY23 4%FY24 -5%FY25 -14%

It earned an average -3% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 26% — 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 v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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 →

Sources — the receipts

10-K · period ending 2021-06-30 · accession 0000950170-23-049175 (NetIncomeLoss)
10-K · period ending 2022-06-30 · accession 0000950170-24-109384 (NetIncomeLoss)
10-K · period ending 2023-06-30 · accession 0001193125-26-132860 (NetIncomeLoss)
10-K · period ending 2021-06-30 · accession 0000950170-23-049175 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-06-30 · accession 0000950170-24-109384 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-06-30 · accession 0001193125-26-132860 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-06-30 · accession 0001193125-26-132860 (LongTermDebt)
10-K · period ending 2021-06-30 · accession 0000950170-24-109384 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-06-30 · accession 0001193125-26-132860 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-06-30 · accession 0001193125-26-132860 (CashAndCashEquivalentsAtCarryingValue)