MeritValue

MAYS J W INC

MAYSdata completeness 100%16 fiscal years on file
The thesis, from the filings

MAYS J W INC earns about -0% on invested capital, with a roughly flat share count. 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$20.2M1$21.4M2$22.6M3$21.6M4$22.5M4
Net income$398,0325−$712,3716−$82,9647−$406,5688−$136,2408
Operating cash flow$1.07M9$1.69M10$2.22M11$1.43M12$2.52M12
Capital expenditure$2.25M13$1.73M14$1.05M15$2.48M16$2.39M16
Free cash flow (derived)−$1.19M9−$44,26910$1.18M11−$1.05M12$128,34812
Total debt$7.65M17$6.36M18$5.14M19$3.87M20$3.24M21
Cash & equivalents$1.55M22$1.02M23$1.22M24$1.24M25$748,59725
Diluted shares2.0M2.0M2.0M2.0M2.0M

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
$261.74
your share of equity
Profit it earned you last year
−$0.68
Free cash flow it threw off
$0.64
Debt you’d be carrying
$16.05

10 shares is a claim on $261.74 of net worth that earned you −$0.68 and generated $0.64 of cash last year, against $16.05 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 1%FY22 -1%FY23 0%FY24 -1%FY25 -0%

It earned an average -0% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 58% — deleveraging.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$128,348
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$128,348
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 2021-07-31 · accession 0001206774-22-002558 (Revenues)
  2. 10-K · period ending 2022-07-31 · accession 0001206774-23-001194 (Revenues)
  3. 10-K · period ending 2023-07-31 · accession 0001206774-24-000954 (Revenues)
  4. 10-K · period ending 2024-07-31 · accession 0001206774-25-000720 (Revenues)
  5. 10-K · period ending 2021-07-31 · accession 0001206774-22-002558 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001206774-23-001194 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001206774-24-000954 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001206774-25-000720 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001206774-22-002558 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001206774-23-001194 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001206774-24-000954 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001206774-25-000720 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-07-31 · accession 0001206774-22-002558 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-07-31 · accession 0001206774-23-001194 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-07-31 · accession 0001206774-24-000954 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-07-31 · accession 0001206774-25-000720 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-07-31 · accession 0001206774-21-002636 (LongTermDebt)
  18. 10-K · period ending 2022-07-31 · accession 0001206774-22-002558 (LongTermDebt)
  19. 10-K · period ending 2023-07-31 · accession 0001206774-23-001194 (LongTermDebt)
  20. 10-K · period ending 2024-07-31 · accession 0001206774-24-000954 (LongTermDebt)
  21. 10-K · period ending 2025-07-31 · accession 0001206774-25-000720 (LongTermDebt)
  22. 10-K · period ending 2021-07-31 · accession 0001206774-22-002558 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-07-31 · accession 0001206774-23-001194 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-07-31 · accession 0001206774-24-000954 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K · period ending 2024-07-31 · accession 0001206774-25-000720 (CashAndCashEquivalentsAtCarryingValue)