Legacy Education Inc.
LGCYdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Legacy Education Inc. earns about 35% on invested capital, far above its ~9% cost of capital, but has diluted owners by 32% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.51 and $4.18 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $35.5M1 | $46M2 | $64.2M2 |
| Net income | $2.67M3 | $5.11M4 | $7.53M4 |
| Operating cash flow | $1.77M5 | $1.65M6 | $7.77M6 |
| Capital expenditure | $195,0767 | $423,7108 | $844,3208 |
| Free cash flow (derived) | $1.57M5 | $1.23M6 | $6.92M6 |
| Total debt | $723,5829 | $2.07M10 | $3.69M10 |
| Cash & equivalents | $9.29M11 | $10.4M12 | $20.3M12 |
| Diluted shares | 9.6M | 9.7M | 12.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $32.36 of net worth that earned you $5.94 and generated $5.46 of cash last year, against $2.91 of debt.
It earned about 35% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 32% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 410% 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.
The 3 estimate methods that apply put fair value between $3.51 and $4.18 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.57M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.57M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$5.11M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.08 |
| Base | 5.0% | $3.51 |
| Bull | 10.0% | $4.03 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-06-30 · accession 0001493152-24-038926 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001493152-25-014945 (CashAndCashEquivalentsAtCarryingValue)