MeritValue

GEE Group Inc.

JOBdata completeness 88%16 fiscal years on file
The thesis, from the filings

GEE Group Inc. earns about -16% on invested capital, below its ~9% cost of capital, but has diluted owners by 77% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0 and $0.49 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$148.9M1$165.1M2$152.4M3$106.9M4$96.5M4
Net income$6,0005$19.6M6$9.42M7−$24.1M8−$34.7M8
Operating cash flow$370,0009$9.4M10$5.89M11$202,00012$549,00012
Capital expenditure$126,00013$328,00014$89,00015$58,00016$16,00016
Free cash flow (derived)$244,0009$9.07M10$5.8M11$144,00012$533,00012
Total debt$017————
Cash & equivalents$9.95M18$18.8M19$22.5M19$20.8M20$21.4M20
Diluted shares61.9M114.9M114.7M109.1M109.4M

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
shares
Net assets behind them
$4.57
your share of equity
Profit it earned you last year
−$3.18
Free cash flow it threw off
$0.05
Debt you’d be carrying
—

10 shares is a claim on $4.57 of net worth that earned you −$3.18 and generated $0.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -4%FY22 23%FY23 1%FY24 -31%FY25 -68%

It earned about -16% 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
+77% shares · 5y

Share count is up 77% 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

The 3 estimate methods that apply put fair value between $0 and $0.49 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$533,000
DCF · Growth Exit 5Y
$0.35
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$533,000
Earnings Power Value
$0
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6,000
  • growthAssumed0.0%
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.35
The three cases
Bear0.0%$0.26
Base20.0%$0.35
Bull20.0%$0.35

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

Default growth 20.0%= 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 2021-09-30 · accession 0001477932-22-009439 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001477932-23-009214 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001477932-24-008212 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0001477932-25-009011 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0001477932-22-009439 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001477932-23-009214 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001477932-24-008212 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001477932-25-009011 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001477932-22-009439 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001477932-23-009214 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001477932-24-008212 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001477932-25-009011 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001477932-22-009439 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001477932-23-009214 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001477932-24-008212 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001477932-25-009011 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001477932-21-009438 (ShortTermBorrowings)
  18. 10-K · period ending 2021-09-30 · accession 0001477932-22-009439 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-09-30 · accession 0001477932-23-009214 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001477932-25-009011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)