MANHATTAN BRIDGE CAPITAL, INC
LOANdata completeness 88%16 fiscal years on fileMANHATTAN BRIDGE CAPITAL, INC earns about 14% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 9% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $4.72 and $5.61 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $6.81M1 | $8.57M2 | $9.8M3 | $9.69M4 | $8.67M4 |
| Net income | $4.42M5 | $5.21M6 | $5.48M7 | $5.59M8 | $5.11M8 |
| Operating cash flow | $4.6M9 | $5.17M10 | $5.4M11 | $4.93M12 | $4.93M12 |
| Capital expenditure | — | $2,87113 | $5,08514 | $4,01815 | $41815 |
| Free cash flow (derived) | — | $5.16M10 | $5.39M11 | $4.93M12 | $4.93M12 |
| Total debt | — | — | — | $7.23M16 | $6.25M16 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 10.5M | 11.5M | 11.5M | 11.4M | 11.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $37.68 of net worth that earned you $4.47 and generated $4.31 of cash last year, against $5.46 of debt.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 14% — deleveraging.
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 $4.72 and $5.61 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
- fcfGrowth0.0%
- fcfBase$4.93M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$4.93M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$5.21M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.61 |
| Base | 0.0% | $5.61 |
| Bull | 5.0% | $7.1 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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 2021-12-31 · accession 0001493152-23-007249 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-009478 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-009931 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013241 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001493152-23-007249 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-009478 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-009931 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013241 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001493152-23-007249 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-009478 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-009931 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013241 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-009478 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001493152-25-009931 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013241 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013241 (ShortTermBorrowings)