MeritValue

INFINITY NATURAL RESOURCES, INC.

INRdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

INFINITY NATURAL RESOURCES, INC. earns about 5% on equity. The applicable estimate puts fair value near $2.35 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 2023FY 2024FY 2025
Revenue$159.5M1$257.7M1$350.4M1
Net income$86.7M2$03$13.8M3
Operating cash flow$106.5M4$177.7M4$261.8M4
Capital expenditure———
Free cash flow (derived)———
Total debt——$55,0005
Cash & equivalents$1.5M6$2.2M7$2.85M7
Diluted shares0061.0M

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
$50.39
your share of equity
Profit it earned you last year
$2.27
Free cash flow it threw off
—
Debt you’d be carrying
$0.01

10 shares is a claim on $50.39 of net worth that earned you $2.27 last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 3y
FY23 —FY24 —FY25 5%

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

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Total debt has held roughly steady.

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
$2.35
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.8M
  • growthAssumed0.0%
Graham Number
$10.05
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0002029118-26-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0002029118-26-000014 (ProfitLoss)
  3. 10-K · period ending 2024-12-31 · accession 0002029118-26-000014 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0002029118-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2025-12-31 · accession 0002029118-26-000014 (LongTermDebt)
  6. 10-K · period ending 2023-12-31 · accession 0002029118-26-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 10-K · period ending 2024-12-31 · accession 0002029118-26-000014 (CashAndCashEquivalentsAtCarryingValue)