MeritValue

LAKELAND INDUSTRIES INC

LAKEdata completeness 100%18 fiscal years on file
The thesis, from the filings

LAKELAND INDUSTRIES INC earns about -4% on invested capital, but has diluted owners by 28% 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 2023FY 2024FY 2024FY 2025FY 2026
Revenue$6M1$124.7M2$6.3M1$167.2M3$192.6M3
Net income—$5.43M4—−$18.1M5−$25.3M5
Operating cash flow—$10.9M6—−$15.9M7−$15.8M7
Capital expenditure—$2.07M8—$1.54M9$671,0009
Free cash flow (derived)—$8.84M6—−$17.4M7−$16.4M7
Total debt—$298,00010—$18.3M11$32.3M11
Cash & equivalents—$25.2M12—$17.5M13$12.5M13
Diluted shares—7.5M—7.4M9.6M

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
$134.14
your share of equity
Profit it earned you last year
−$26.29
Free cash flow it threw off
−$17.06
Debt you’d be carrying
$33.53

10 shares is a claim on $134.14 of net worth that earned you −$26.29 and generated −$17.06 of cash last year, against $33.53 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY23 —FY24 6%FY24 —FY25 -9%FY26 -8%

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
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 10730% over the same window.

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 2023-04-30 · accession 0001654954-23-004860 (Revenues)
  2. 10-K · period ending 2024-01-31 · accession 0001654954-25-004352 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-01-31 · accession 0001654954-25-004352 (NetIncomeLoss)
  5. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001654954-25-004352 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-01-31 · accession 0001654954-25-004352 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-01-31 · accession 0001654954-25-004352 (ShortTermBorrowings)
  11. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (LongTermDebtCurrent)
  12. 10-K · period ending 2024-01-31 · accession 0001654954-24-004465 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-01-31 · accession 0001193125-26-159176 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)