MeritValue

INTERGROUP CORP

INTGdata completeness 100%15 fiscal years on file
The thesis, from the filings

INTERGROUP CORP earns about 1% on invested capital, and has bought back 16% of its shares over 5 years. 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$28.7M1$47.2M2$57.6M3$58.1M4$64.4M4
Net income$10.4M5−$8.72M6−$6.72M7−$9.8M8−$5.35M8
Operating cash flow−$19.8M9$921,00010−$107,00011$6.81M12$5.89M12
Capital expenditure$1.07M13$1.93M14$5.87M15$4.08M16$2.25M16
Free cash flow (derived)−$20.9M9−$1.01M10−$5.97M11$2.73M12$3.64M12
Total debt—$234.7M17$221.4M18$225.7M19$240.5M20
Cash & equivalents$6.81M21$14.4M22$5.96M23$4.33M24$5.08M24
Diluted shares2.6M2.2M2.2M2.2M2.2M

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
−$398.28
your share of equity
Profit it earned you last year
−$24.73
Free cash flow it threw off
$16.84
Debt you’d be carrying
$1,112.53

10 shares is a claim on −$398.28 of net worth that earned you −$24.73 and generated $16.84 of cash last year, against $1,112.53 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 —FY22 -1%FY23 4%FY24 -0%FY25 3%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−16% shares · 5y

Share count is down 16% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$2.73M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$2.73M
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
  1. 10-K · period ending 2021-06-30 · accession 0001493152-22-027014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-037402 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001493152-24-038852 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-06-30 · accession 0001493152-25-016154 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-06-30 · accession 0001493152-22-027014 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-037402 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001493152-24-038852 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-016154 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001493152-22-027014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-037402 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001493152-24-038852 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-016154 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001493152-22-027014 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-037402 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001493152-24-038852 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001493152-25-016154 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-06-30 · accession 0001493152-22-027014 (LongTermDebt)
  18. 10-K/A · period ending 2023-06-30 · accession 0001493152-23-037402 (LongTermDebt)
  19. 10-K · period ending 2024-06-30 · accession 0001493152-24-038852 (LongTermDebt)
  20. 10-K · period ending 2025-06-30 · accession 0001493152-25-016154 (LongTermDebt)
  21. 10-K · period ending 2021-06-30 · accession 0001493152-22-027014 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2022-06-30 · accession 0001493152-23-037402 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-06-30 · accession 0001493152-24-038852 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-06-30 · accession 0001493152-25-016154 (CashAndCashEquivalentsAtCarryingValue)