MeritValue

KURA SUSHI USA, INC.

KRUSdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

KURA SUSHI USA, INC. earns about -4% on invested capital, but has diluted owners by 40% over 5 years — worth asking whether the growth reaches owners. 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$64.9M1$141.1M2$187.4M3$237.9M3$282.8M3
Net income−$10.3M4−$764,0005$1.5M6−$8.8M6−$1.9M6
Operating cash flow−$7.15M7$23.7M8$18.1M9$15.6M9$24.7M9
Capital expenditure$14.1M10$26.8M11$39.1M12$44.3M12$46.2M12
Free cash flow (derived)−$21.2M7−$3.07M8−$21M9−$28.6M9−$21.4M9
Total debt—————
Cash & equivalents$40.4M13$35.8M14$69.7M15$51M16$47.5M16
Diluted shares8.5M9.7M10.6M11.2M11.9M

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
$193.92
your share of equity
Profit it earned you last year
−$1.6
Free cash flow it threw off
−$17.99
Debt you’d be carrying
—

10 shares is a claim on $193.92 of net worth that earned you −$1.6 and generated −$17.99 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -16%FY22 -1%FY23 2%FY24 -6%FY25 -1%

It earned an average -4% 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
+40% shares · 5y

Share count is up 40% 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
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 2021-08-31 · accession 0000950170-23-061336 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0000950170-24-124091 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0001193125-25-269773 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-08-31 · accession 0000950170-23-061336 (NetIncomeLoss)
  5. 10-K · period ending 2022-08-31 · accession 0000950170-24-124091 (NetIncomeLoss)
  6. 10-K · period ending 2023-08-31 · accession 0001193125-25-269773 (NetIncomeLoss)
  7. 10-K · period ending 2021-08-31 · accession 0000950170-23-061336 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-08-31 · accession 0000950170-24-124091 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-08-31 · accession 0001193125-25-269773 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-08-31 · accession 0000950170-23-061336 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-08-31 · accession 0000950170-24-124091 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-08-31 · accession 0001193125-25-269773 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-08-31 · accession 0000950170-22-024540 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-08-31 · accession 0000950170-23-061336 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-08-31 · accession 0000950170-24-124091 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-08-31 · accession 0001193125-25-269773 (CashAndCashEquivalentsAtCarryingValue)