MeritValue

JANEL CORP

JANLdata completeness 63%17 fiscal years on file
The thesis, from the filings

JANEL CORP earns about 11% on invested capital, but has diluted owners by 22% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $6.22 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$146.4M1$316.9M2$186.4M3$160M4$183.8M4
Net income$5.2M5−$2.14M6$723,0007$551,0008$5.66M8
Operating cash flow−$201,0009$12.1M10$11.4M11$6.83M12$43.1M12
Capital expenditure$234,00013$551,00013———
Free cash flow (derived)−$435,0009$11.6M10———
Total debt—————
Cash & equivalents—————
Diluted shares989,5001.0M1.2M1.2M1.2M

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
$214.05
your share of equity
Profit it earned you last year
$46.93
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $214.05 of net worth that earned you $46.93 last year.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 29%FY22 0%FY23 3%FY24 3%FY25 22%

It earned an average 11% 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
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$6.22
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$723,000
  • growthAssumed0.0%
Graham Number
$44.81
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001140361-22-045115 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001140361-23-057011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001140361-24-048684 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001140361-25-044581 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001140361-22-045115 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001140361-23-057011 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001140361-24-048684 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001140361-25-044581 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001140361-22-045115 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001140361-23-057011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001140361-24-048684 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001140361-25-044581 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001140361-22-045115 (PaymentsToAcquirePropertyPlantAndEquipment)