MeritValue

KAANAPALI LAND LLC

KANPdata completeness 88%17 fiscal years on file

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

The thesis, from the filings

KAANAPALI LAND LLC earns about -0% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $1.38 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$3.6M1$7.66M1$2.28M2$300,0003$375,0003
Net income$245,0004$2.85M4$3.71M5−$1.09M6−$3.73M6
Operating cash flow−$988,0007$2.96M7$8.15M8−$2.78M9−$5.92M9
Capital expenditure$436,00010$332,00010$1.82M11$3M12$1.58M12
Free cash flow (derived)−$1.42M7$2.62M7$6.33M8−$5.78M9−$7.5M9
Total debt—————
Cash & equivalents$17M13$19.8M14$26.3M15$23.1M16$15.8M16
Diluted shares1.8M1.8M1.8M1.8M1.8M

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
$418.07
your share of equity
Profit it earned you last year
−$20.2
Free cash flow it threw off
−$40.65
Debt you’d be carrying
—

10 shares is a claim on $418.07 of net worth that earned you −$20.2 and generated −$40.65 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 0%FY22 5%FY23 1%FY24 -2%FY25 -6%

It earned an average -0% 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
−0% 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
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
$1.38
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$245,000
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000892626-24-000006 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000892626-25-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001079973-26-000354 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000892626-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000892626-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001079973-26-000354 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000892626-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000892626-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001079973-26-000354 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000892626-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000892626-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001079973-26-000354 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000892626-23-000012 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000892626-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000892626-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001079973-26-000354 (CashAndCashEquivalentsAtCarryingValue)