Massimo Group
MAMOdata completeness 88%4 fiscal years on fileMassimo Group earns about 35% on invested capital, far above its ~9% cost of capital, but has diluted owners by 4% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.74 and $2.3 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $86.5M1 | $115M2 | $109.3M3 | $71.8M3 |
| Net income | $4.16M4 | $10.4M5 | $1.76M6 | $1.51M6 |
| Operating cash flow | $621,2937 | $10.9M8 | $6.67M9 | −$98,2769 |
| Capital expenditure | $197,80210 | $134,66211 | $387,87612 | $65,36112 |
| Free cash flow (derived) | $423,4917 | $10.8M8 | $6.28M9 | −$163,6379 |
| Total debt | $5.6M13 | $303,58314 | — | — |
| Cash & equivalents | $947,97115 | $765,81416 | $10.2M17 | $5.79M17 |
| Diluted shares | 40.0M | 40.0M | 41.2M | 41.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $5.69 of net worth that earned you $0.36 and generated −$0.04 of cash last year.
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 4% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 95% — 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 $0.74 and $2.3 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$6.28M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$6.28M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$2.96M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.3 |
| Base | 0.0% | $2.3 |
| Bull | 5.0% | $2.82 |
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 2022-12-31 · accession 0001493152-24-014560 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2023-12-31 · accession 0001641172-25-011711 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013862 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-014560 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001641172-25-011711 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013862 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-014560 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001641172-25-011711 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013862 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-014560 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2023-12-31 · accession 0001641172-25-011711 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013862 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001493152-24-014560 (ShortTermBorrowings)
- 10-K/A · period ending 2023-12-31 · accession 0001641172-25-011711 (ShortTermBorrowings)
- 10-K/A · period ending 2022-12-31 · accession 0001641172-25-011711 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-12-31 · accession 0001493152-26-013862 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-013862 (CashAndCashEquivalentsAtCarryingValue)