MeritValue

JOINT Corp

JYNTdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

JOINT Corp earns about 18% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $0.43 and $13.05 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$80M1$52.2M2$47M2$52.2M3$54.9M3
Net income$7.57M4$626,7055−$9.75M5−$5.8M6$2.91M6
Operating cash flow$13.8M7$8.21M8$14.7M9$9.42M10$1.84M10
Capital expenditure$6.99M11$5.9M12$5M13$1.19M14$1.5M14
Free cash flow (derived)$6.85M7$2.31M8$9.68M9$8.23M10$334,72410
Total debt—————
Cash & equivalents$19.5M15$9.75M16$18.2M17$25.1M18$23.6M18
Diluted shares14.9M14.9M14.9M15.1M15.2M

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
$9.91
your share of equity
Profit it earned you last year
$1.91
Free cash flow it threw off
$0.22
Debt you’d be carrying
—

10 shares is a claim on $9.91 of net worth that earned you $1.91 and generated $0.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
18% avg · 5y
FY21 56%FY22 -6%FY23 2%FY24 —FY25 —

It earned about 18% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 $0.43 and $13.05 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$13.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth6.3%
  • fcfBase$8.23M
DCF · Growth Exit 5Y
$11.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth6.3%
  • fcfBase$8.23M
Earnings Power Value
$0.43
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$626,705
  • growthAssumed0.0%
Graham Number
$2.06
assumptions (1)
  • grahamMultiplier2250.0%

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 years6.3%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $11.71
The three cases
Bear0.0%$9.3
Base6.3%$11.71
Bull11.3%$14.05

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

Default growth 6.3%= 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/A · period ending 2021-12-31 · accession 0001628280-23-033039 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001612630-25-000033 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001612630-26-000022 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-033039 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-24-009767 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001612630-26-000022 (ProfitLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-033039 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-24-009767 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001612630-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001612630-26-000022 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-033039 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001628280-24-009767 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2023-12-31 · accession 0001612630-25-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001612630-26-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2021-12-31 · accession 0001628280-23-033039 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001628280-24-009767 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2023-12-31 · accession 0001612630-25-000033 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001612630-26-000022 (CashAndCashEquivalentsAtCarryingValue)